Bitcoin briefly fell below $76,000, marking its lowest level in a week, as renewed concerns over oil supply linked to the Strait of Hormuz weighed on cryptocurrencies and U.S. stocks. WTI crude climbed to $100 a barrel. Market participants reduced exposure to risk assets amid uncertainty. Analysts said bitcoin closed a weekly candle above a key resistance trendline but failed to retake $80,000, with volatility seen rising into month-end.

Bitcoin has rebounded to around $78,000, prompting analysis that it has entered an uptrend. The outlook also cautions that gains could be constrained by a large supply zone near $84,000. On-chain indicators such as SOPR and NUPL have turned higher, with an analyst saying the downtrend has ended and a rally has begun. Resistance is seen at $78,000, then $83,100, the average buying price for U.S. spot bitcoin ETFs.