Analyst: Bitcoin Selling Pressure Has Significantly Weakened, Decreasing Sensitivity to Regulation and Policy

BlockBeats News, April 29th, Trump has instructed aides to prepare for an extended U.S. Navy blockade of the Strait of Hormuz, causing Brent crude oil prices to surpass $111 per barrel, but Bitcoin remains within a narrow trading range. Trump on Tuesday said Iran is in a "state of collapse." Tehran, on the other hand, stated that it might accept a temporary agreement to reopen the strait if Washington lifts the blockade on Iranian ports.

Founder of Split Research, Zaheer Ebtikar, stated in a report that Bitcoin's relative calm reflects a shift in market structure. He said: "The supply surplus has finally been absorbed, panic sellers due to macro shifts or quantum concerns have long exited, making the market's selling pressure noticeably weaker than a few months ago." Ebtikar added: "Bitcoin's sensitivity to regulatory noise or central bank policy is much lower than people imagine. Its sensitivity is purely a function of broader volatility, and since we are currently in a relatively tranquil trading range, there is no immediate urgency to exit."

Analysts at Bitget marked $75,000 as a key level that has been holding since the end of March, and breaking below it could open up further downside potential. Bouncing back from the current level to $80,000 would maintain the upward structure and pave the way for a retest of the resistance level that has rejected every Bitcoin rally since February.