Bitcoin Stalls Below $75,000 amid Geopolitical Fog and Tax-Day Selling – Crypto News – Crypto News
Connect with us
Bitcoin Stalls Below $75,000 amid Geopolitical Fog and Tax-Day Selling Bitcoin Stalls Below $75,000 amid Geopolitical Fog and Tax-Day Selling

De-fi

Bitcoin Stalls Below $75,000 amid Geopolitical Fog and Tax-Day Selling – Crypto News

Published

3 months ago

on

ETH, SOL, and major altcoins are marginally higher on the day.

Bitcoin traded around $74,700 on Wednesday, consolidating just below the psychologically significant $75,000 level after retreating from a brief touch above $76,000 earlier this week.

Ethereum changed hands near $2,360, up roughly 2% on the day, while Solana rose to $85 and XRP climbed to $1.39, according to CoinGecko.

BTC Chart

Among the Top 100 digital assets, DeFi lending protocols Aave and Morpho are today’s top gainers, up 8% and 7%, respectively.

Meanwhile, RaveDAO is the biggest loser after losing a quarter of its value overnight.

The total crypto market cap stands at $2.61 trillion with 24-hour trading volume near $97 billion. Bitcoin dominance is steady at 57.2%, with Ethereum dominance at 10.9%, per CoinGecko.

ETF Flows Whipsaw

U.S. spot Bitcoin ETFs posted $411.5 million in net inflows on Tuesday, according to SoSoValue data, the second-largest daily inflow day in April and enough to push 2026 year-to-date net flows back into positive territory. Total spot Bitcoin ETF assets under management surged above $96.5 billion.

BlackRock’s IBIT led with approximately $214 million, extending its inflow streak to five consecutive days totaling around $696 million.

The Tuesday inflows marked a sharp reversal from the previous day, when spot Bitcoin ETFs recorded $325.8 million in net outflows, underscoring the tug-of-war between institutional demand and profit-taking in a range-bound market.

Resistance at $75K

Bitcoin has struggled to sustain a break above $75,000, briefly piercing that level yesterday before pulling back to the low $74,000s. Since the onset of the U.S.-Iran conflict, BTC is up roughly 12%, benefiting from its perception as an apolitical store of value, but the rally has stalled at overhead resistance.

The geopolitical backdrop remains the dominant macro variable. Iran’s acceptance of Bitcoin as payment for Strait of Hormuz transit tolls, as confirmed by a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, continues to ripple through markets.

Bitwise CIO Matt Hougan argued this week that Iran’s use of Bitcoin in sovereign trade positions it to eventually challenge gold’s $34 trillion market cap.

Three near-term catalysts could determine whether Bitcoin breaks higher or retests the $70,000 support zone: the April 15 tax deadline, the Iran ceasefire expiry on April 22, and the FOMC meeting on April 28–29.

Related Topics:
Continue Reading

Trending