[Digital Today reporter Jinju Hong] Bitcoin (BTC) at one point fell below $76,000, hitting its lowest level in a week.

Cointelegraph, a blockchain media outlet, reported on April 28 (local time) that cryptocurrencies and U.S. stocks weakened at the same time as global crude supply concerns over a possible blockade of the Strait of Hormuz grew again.

On TradingView data, BTC/USD extended losses after U.S. stock markets opened. The backdrop was a war phase between the United States and Iran. Markets focused on the possibility that the deadlock over the Strait of Hormuz could be prolonged, and oil prices reacted immediately. West Texas Intermediate (WTI) rose to $100 a barrel on the day.

U.S. President Donald Trump wrote on Truth Social that Iran had told them it was in a "collapsed state." Still, markets viewed the outlook for the Strait of Hormuz situation as uncertain and showed a move to reduce exposure to risk assets.

Concerns over energy supply were linked especially to Asian markets. The Kobeissi Letter forecast that Asia's energy crisis would soon worsen further, saying Iran's crude storage capacity is rapidly shrinking. On-chain analytics firm Glassnode also pointed out that disruptions in the Strait of Hormuz are continuing as U.S.-Iran negotiations remain deadlocked, tightening supply and unsettling the broader market.

Bitcoin's price action was directly affected by these macro factors. Bitcoin closed the weekly candle above a key resistance trendline but did not attempt to reclaim $80,000. It has recently slipped to around $73,000 on two occasions, and market participants are not in a mood to rush to confirm a bottom.

Material Indicators said bitcoin bulls so far have not shown much appetite for a strong double-bottom rebound and that volatility could increase toward month-end. Exchange order book data presented alongside showed that only the largest investor cohort appeared to be buying.

Caution over upside resistance also continued. Trader Daan Crypto Trades said follow-through is needed to actually break through multiple resistance zones stacked just above the spot price for the bull market to continue. "You need follow-through to confirm a proper breakout," he said, adding that for now the bullish camp is at the stage of trying to rebound.

In this situation, market attention is focused on the month-end closing price and the path of oil prices. Whether bitcoin again moves to regain $80,000 or retests lower support amid Middle East-driven supply concerns and risk-off sentiment has emerged as a factor that will determine the near-term direction.