Bitcoin traded in a tight range below $77,000 as oil climbed above $111 on reports of a prolonged U.S. naval blockade of the Strait of Hormuz and traders awaited the Fed’s rate decision.
Posted April 29, 2026 at 6:11 am EST.
Bitcoin held just below $77,000 in Asian trading hours on Wednesday, up just 0.1% over 24 hours and down 0.8% on the week, maintaining a narrow range as geopolitical and macroeconomic pressure built around it. Brent crude pushed above $111 a barrel after the Wall Street Journal reported that President Trump has directed aides to prepare for an extended U.S. naval blockade of the Strait of Hormuz designed to compel Iran toward nuclear capitulation.
Iran has signaled openness to an interim deal that would reopen the strait in exchange for a lifting of the U.S. blockade on Iranian ports, though Washington has maintained “red lines” on any agreement. The standoff is now entering its third week following the initial blockade announced on April 12, and oil tanker transits through the strait have fallen to record lows.
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The Federal Reserve’s two-day policy meeting, which concludes Wednesday, adds another layer of uncertainty. Traders broadly expect no change to the federal funds rate, but any signal on the pace or timing of future cuts could move markets.
Major altcoins have moved more sharply than bitcoin, reflecting the classic pattern of capital rotating toward the largest asset during macro stress. Ether fell 2.6% on the week to $2,310. XRP dropped 3.8% to $1.39. Solana lost 3.2% to $84.57. BNB shed 2.3% to $625. Dogecoin was the lone exception among top-10 non-stablecoin tokens, rising 5.5% to $0.1016. Bitcoin’s market dominance has been slowly climbing as a result.
Zaheer Ebtikar, founder of Split Research, told CoinDesk that Bitcoin’s relative stability reflects a structural change in market composition rather than indifference. Santiment data shows whales accumulated more than 40,000 BTC over the past two weeks. Technical analysts are watching $75,000 as the key downside support level, with a move above $80,000 needed to confirm the current rally structure remains intact.
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