Bitcoin fell below $76,000 on Tuesday as oil prices surged back to $100 per barrel, erasing a week of gains and deepening a risk-off mood that has gripped global markets since the onset of the US-Iran standoff over the Strait of Hormuz.

Oil Shock Rattles Bitcoin and Stocks

Data from TradingView showed Bitcoin dipping under $76,000 as US equities also opened lower on Tuesday. WTI crude oil returned to $100 per barrel as US President Donald Trump continued to keep markets guessing on the outcome of the Hormuz impasse. In a post on Truth Social, Trump wrote that Iran had informed the United States it was in a state of collapse and was seeking to reopen the strait.

Trading resource The Kobeissi Letter warned that Asia's energy crisis would intensify further as Iran rapidly ran out of oil storage capacity. Onchain analytics platform Glassnode noted that disruptions in the Strait of Hormuz were tightening supply and spooking markets across the board.

Coinbase Premium Turns Negative

Bitcoin's Coinbase Premium Index fell to negative 0.008, its first negative reading in three weeks, signalling a sharp reduction in US spot market demand. The shift coincided with weekly realised losses climbing to $829 million on a seven-day average, compared with $566 million in realised profits over the same period.

Crypto analyst Darkfost noted that the share of Bitcoin supply in profit stood at 64%, a level that has not historically supported sustained upside. Derivatives data from Binance showed the 24-hour cumulative net taker volume dropping by $828 million on April 27, the lowest reading since late March. The Binance taker buy-to-sell ratio fell to 0.89, a level last recorded on March 29 when Bitcoin tested $66,000 before recovering 15% over the following 30 days.

Bulls Struggle to Confirm a Breakout

Bitcoin's price action continued to shy away from attacking $80,000 after sealing a weekly candle close above a key resistance trend line. Two recent visits to $73,000 have made market participants wary of calling a double bottom formation prematurely.

Trading resource Material Indicators noted that Bitcoin bulls were not showing much enthusiasm for a robust double bottom bounce and expected volatility to increase heading into and through the monthly close. Exchange order-book data showed only the largest class of investors stepping in to buy at current levels.

Trader Daan Crypto Trades echoed the cautious tone, noting that while bulls were putting in an effort, follow-through would be needed to confirm a proper breakout above the multiple resistance levels immediately above spot price, including the bear market support band.