Bitcoin Trades Below $77K as Solana and Ether Decline Amid Oil Price Surge
Bitcoin tests $76,923 on April 28, 2026, down 2.4%, with significant declines also seen in Solana and Ether as Brent crude prices rise. CoinDesk reports that the market is influenced by geopolitical tensions and upcoming economic events.
On April 28, 2026, Bitcoin trades at $76,923, experiencing a 2.4% drop over the previous 24 hours, following a rejection of the $79,400 mark. The decline also affects other major cryptocurrencies, with Ether falling 3.7% to $2,290, Solana decreasing 3.9% to $84.10, and XRP down 3.2% to $1.39. The entire top 10 cryptocurrencies closed in the red except for Tron and Dogecoin.
This decline occurs against a backdrop of rising oil prices, as Brent crude rises 1% to over $109 per barrel. The increase in oil prices follows failed negotiations regarding the reopening of the Strait of Hormuz amid geopolitical tensions involving Iran. Analysts point to a potential correlation between fluctuations in oil prices and investor sentiment in the crypto market.
Market analysts express divided opinions regarding the current rally. Some, like Mike Novogratz of Galaxy Digital, suggest that renewed demand from retail and institutions may signal further upward potential for Bitcoin. In contrast, others, including Ki Young-Ju of CryptoQuant, argue that the rise was largely driven by a short squeeze in the derivatives markets, leaving the market at risk for a reversal once the short positions are exhausted. The prevailing funding rates on perpetual futures, which are currently negative, indicate a reliance on short positions, suggesting the volatility may continue.
Looking ahead, crucial economic events, including the Federal Reserve’s policy decision and major tech earnings from companies like Alphabet and Microsoft, could significantly influence market trends. Investors are watching these developments closely for potential catalysts to break Bitcoin's barriers above $80,000, particularly following three recent rejections at the same level.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Apr 28, 2026. SolanaWire does not republish source content.
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