Bitcoin Dips, Jack Dorsey Block Unveils BTC Proof of Reserves
Bitcoin (BTC) price declined to $76,187.82, underperforming a slightly softer broader market, primarily driven by a shift in geopolitical risk sentiment.
The world’s largest crypto price eased on fading optimism over U.S.-Iran peace talks, which reversed a recent risk-on rally and triggered profit-taking.
Reports that President Trump called off Iran peace talks reversed earlier optimism, pushing Brent crude above $105 and triggering a broad risk-off move across assets.
This led to significant profit booking in Bitcoin after its failed attempt to break $80,000. The price action was driven by a macro sentiment shift, not a coin-specific flaw, highlighting Bitcoin’s sensitivity to traditional risk factors.
The sell-off triggered $91.76 million in Bitcoin long liquidations over 24h. Concurrently, the average funding rate turned sharply negative to -0.003984%, indicating a crowded long position being rapidly unwound.
Excessive leverage exacerbated the drop, creating a cascade effect. Negative funding suggests persistent selling pressure from derivatives traders.
Technically, BTC faces immediate support between the swing low of $76,449 and the 78.6% Fibonacci level at $76,985. Resistance sits near the 50% retracement at $77,701.
The upcoming FOMC decision on April 29 is the key macro trigger. If BTC holds support and the Fed stance is not overly hawkish, a rebound toward $78,000 is plausible.
A break below $76,450, however, could see a test of the $77,000 area. The market is in a corrective phase within a broader range, awaiting a macro catalyst for direction.
The drop is a combination of macro risk repricing and a leveraged washout. While structurally sound with strong ETF inflows, near-term direction hinges on the Fed and geopolitical headlines.
Today, Jack Dorsey’s Block has implemented an on-chain proof-of-reserves system, allowing anyone to cryptographically verify its corporate holdings of 8,883 BTC, worth about $681.4 million, across its treasury, Cash App, and Square.
Block’s announcement framed those efforts as a single Bitcoin ecosystem spanning earning, spending, self-custody, payments, mining, and open-source development.
This move responds to post-FTX demands for greater transparency into custody. This is bullish for Bitcoin’s long-term adoption because it sets a new standard for corporate accountability, potentially increasing trust and attracting more institutional capital.
However, it contrasts with firms like MicroStrategy, which view such disclosures as a security risk. The reserves dashboard arrived alongside several Bitcoin product updates.
Block also launched a new Bitkey hardware wallet with a secure touchscreen. The company said the device is built on a 2-of-3 multisig architecture and completely eliminates the need for seed phrases.
