Investing. com -- #bitcoin was slightly lower on Tuesday, losing momentum after briefly climbing close to $76k, as investors monitored oil price swings tied to the Middle East conflict and awaited key central bank decisions.
The world’s largest cryptocurrency last traded 0.2% lower at $74,605.5 by 18:10 ET (22:10 GMT).
Bitcoin had risen to as high as $75,991.2 earlier in the session.
Bitcoin supported by short coverings, ETF inflows
Bitcoin was supported by short covering as traders unwound bearish positions built during the early February sell-off. However, momentum faded through the session, leaving Bitcoin hovering near flat levels.
Renewed institutional demand and steady inflows into spot Bitcoin exchange-traded funds also underpinned prices.
"Despite the rebound, Bitcoin’s trajectory through March has not been entirely smooth. Each rally attempt has encountered selling pressure near previously established resistance zones as traders lock in profits after rapid gains," Axel Rudolph, market analyst at IG, said in a recent note.
"This has produced a pattern of advances followed by consolidation phases as the market searches for a clearer directional trend," he added.
Iran war, oil surge concerns persist; Fed meet looms
Geopolitical tensions remained in focus as the conflict involving the U.S., Israel, and Iran entered its third week, keeping risk sentiment fragile across global markets.
Oil prices fell overnight but regained ground on Tuesday, holding above $100 per barrel as concerns persisted over potential supply disruptions through the Strait of Hormuz.