Prices for leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are trading sideways as the ceasefire between the U.S. and Iran shows signs of faltering.
Stocks are declining on April 20 after Iran said the Strait of Hormuz remains closed and the U.S. fired on Iranian vessels over the weekend.
The blue-chip Dow Jones Industrial Average was down more than 300 points in pre-market trading as crude oil prices jump 5% higher on reports of renewed Middle East hostilities.
Despite the volatility, cryptocurrency prices are holding steady and remain at levels seen over the past week.
Bitcoin, the largest cryptocurrency by market capitalization, remains at $75,000 U.S., its highest level since February of this year.
Ethereum continues to trade right around $2,300 U.S., while smaller digital assets such as Solana (SOL) and XRP (XRP) also remain unchanged.
However, Bitcoin has been unable to break above resistance it encounters at $76,000 U.S. and Ethereum can’t stay above the key level of $2,400 U.S.
Analysts say that each cryptocurrency will need to break through those resistance levels in order to rally higher and break out of the narrow trading ranges seen for most of this year.
Digital assets have largely held up better than stocks in the face of the geopolitical uncertainty caused by the Iran war and see-sawing crude oil prices.
BTC remains down 40% from an all-time high of just over $126,000 U.S. reached last October before a crypto winter descended on the industry.
