
Bitcoin is currently trading near $74,500 after hitting a 10-week high of $78,000 as geopolitical tensions over the Strait of Hormuz continue to create market volatility. According to The Economic Times, the cryptocurrency was trading at $74,861 on Monday, showing a 0.55% decline in the past 24 hours alongside Ethereum's 0.70% drop. The global crypto market capitalisation has edged down 0.53% to $2.52 trillion, with major altcoins showing mixed performance as XRP, Solana, Tron, and Hyperliquid slipped up to 4.90%, while BNB, Dogecoin, and Cardano gained up to 0.86%. As per CoinDCX Research Team, Bitcoin ETFs recorded nearly $1 billion in net flows over the past week, indicating continued institutional interest despite recent volatility.
The latest pullback from Bitcoin's $78,000 peak is largely attributed to profit booking and renewed geopolitical tensions, with the re-closure of the Strait of Hormuz bringing back concerns around oil prices. According to CoinSwitch Markets Desk, the market experienced a liquidity flush with $820 million in total liquidations, with over 55% coming from shorts as Bitcoin broke $75.7k. The Polymarket odds of Hormuz Strait traffic normalizing by end of May have spiked to 73%, creating fresh momentum for cryptocurrency markets. However, the fear-greed index remains above 50, indicating a risk-on behaviour, with analysts noting that the recent dip appears corrective rather than a breakdown. A breakout above $79,000 could push BTC towards the $85,000 mark, while support stands at $73,000.
Bitcoin is heading into a $7.9 billion options expiry with heavy positioning at $75,000, adding another layer of volatility to the market. As reported by CoinDesk, the $75,000 strike price represents the most heavily traded level in the upcoming expiry, with traders positioning for potential moves in either direction. This $7.9 billion expiry comes at a critical time when Bitcoin is consolidating near $74,500, creating a potential catalyst for significant price movements. The fear-greed index above 50 suggests continued optimism despite the upcoming expiry, while market analysts emphasize that despite the near-term volatility, institutional participation remains strong with ETF inflows reaching $663 million on April 17 and nearly $1.2 billion in inflows over the past four days.
The recovery toward $75,000-$77,000 continues to create a double-edged sword effect as Bitcoin's price rebound brings more holders into profit while introducing fresh supply pressure. As reported by AMBCrypto, Net Unrealized Profit/Loss (NUPL) has risen to around 0.29, its highest level since late January, as recovering prices restore unrealized gains. However, this same process changes incentives as more holders move into profit, increasing the urge to realize gains and introducing fresh supply into rallies. The Exchange Whale Ratio has increased to 0.7 from 0.4, reflecting how whales are beginning to distribute their strength as profitability returns. Market experts suggest that the crypto market is undergoing a macro-led cooldown, with Bitcoin currently trading in the $73K–$75K range and Ethereum consolidating around $2,250–$2,300 after recent rejections from higher supply zones.
Looking at the past week's performance, Bitcoin and Ethereum were up 5.84% and 5.39% respectively, with major altcoins showing strong gains as XRP, BNB, Solana, Tron, Dogecoin, and Cardano rallied up to 6.65%. According to CoinSwitch Markets Desk, nearly $70 billion flowing out of crypto during the same period highlights the market's sensitivity to macro uncertainty. The fear-greed index remains above 50, indicating a risk-on behaviour, while the fear-greed index above 50 suggests continued optimism despite short-term volatility. Market analysts emphasize that despite the near-term volatility, institutional participation remains strong, with the market looking balanced right now as institutional flows improve while macro uncertainty continues to influence decision-making.