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Bitcoin (BTC) volatility picked up again over the past 24 hours as geopolitical tension in the Middle East intensified once more. BTC briefly dropped below $74,000, erasing part of last week’s rally and dragging the broader cryptocurrency market lower. Though most altcoins moved sideways, XRP is now drawing attention with analysts expecting a potential breakout.

Bitcoin slips below $74K as volatility returns

Indeed, Bitcoin’s latest rally has stalled, with price swings returning as macro pressure builds. After climbing toward $78,400 late last week on optimism around easing tensions in the Middle East, BTC has since reversed course.

The move lower followed conflicting signals around the Strait of Hormuz. Initial reports suggesting a reopening helped push Bitcoin to a 10-week high, but those claims were later denied, triggering a shift in sentiment.

As tensions escalated again over the weekend, including renewed strikes, BTC dropped sharply to around $73,700 before recovering slightly. It is now trading near $75,000, still below recent highs.

The broader picture shows a market struggling to hold momentum. Bitcoin spent several days range-bound between roughly $73,500 and $75,600 before the breakout attempt, and that range now appears to be back in play.

At the time of publication on April 20, Bitcoin’s price stood at $75,094.62, which indicates a decline of 1.3% in the past 24 hours, reducing to 5.6% its gains from across the week and to 6.3% the accumulated increase over the last month, per the latest data.

Its market cap has slipped to just above $1.5 trillion, though Bitcoin dominance has edged higher to around 57%, suggesting capital is rotating away from altcoins during uncertainty.

XRP draws attention as altcoins lag

Most major altcoins have failed to follow Bitcoin’s earlier upside, remaining largely flat over the past 24 hours. Ethereum (ETH) is holding near $2,300, and BNB and Solana (SOL) are also trading close to recent levels without clear direction.

XRP, however, is starting to stand out. Despite limited movement so far, analysts are pointing to a potential breakout, with expectations of a sharp move in either direction, possibly as much as 35%.

Elsewhere, losses have been more visible. Hyperliquid (HYPE) and Zcash (ZEC) are among the bigger decliners, with HYPE down around 5%, ZEC dropping 8%, and MemeCore (M) losing even more than the two of them combined. On the upside, Canton (CC) is the top performer, posting gains of over 5%.

For those wondering if this is a good time to buy crypto, there’s no straight answer. The total crypto market cap remains stuck at slightly above $2.6 trillion, down more than $100 billion from the April 17 peak. The lack of direction suggests traders are waiting for clearer signals, and macro developments continue to drive short-term price action.