Gate News message, April 28 — Bitcoin price has fallen below $76,000 after failing to hold momentum near $80,000, with traders cautious amid geopolitical tensions, thin liquidity, and tighter macroeconomic conditions. The decline came despite Donald Trump claiming that Iran wants the United States to open the Hormuz Strait as it faces what he described as a “state of collapse.”
Trump said Iran had informed the U.S. that it wanted the Strait of Hormuz reopened as soon as possible while dealing with a leadership situation. The waterway is a key route for global oil shipments; disruption there has added pressure across risk assets, energy markets, and investor sentiment. A peace proposal from Iran has reportedly offered to reopen the strait and end the conflict, but talks remain difficult because the proposal delays discussion on Iran’s nuclear program and missile activity. The Trump administration has maintained that any agreement must block Iran from obtaining a nuclear weapon.
Bitcoin’s drop was also linked to forced liquidations in leveraged positions. After the price moved from around $78,000 to below $77,000, more than $100 million in long positions were wiped out within a short period. Weekend trading conditions added to the move, with fewer institutions and liquidity providers active, making Bitcoin more sensitive to large market orders. Open interest has rebuilt to around $25 billion, showing that leverage has returned to the market.
Veteran trader Peter Brandt has pushed back against forecasts that Bitcoin could reach $250,000 by the end of 2026, saying the current chart structure shows Bitcoin trading inside an ascending parallel channel rather than forming a strong bullish bottoming pattern. Brandt’s longer-term outlook remains constructive, with a potential cycle peak projected for late 2029. However, he said Bitcoin may need another investable low later in 2026 and may not reach a new record high until 2027. Bitcoin remains below its October 2025 all-time high of $126,100.
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