Bitcoin failed once more to break out of its monthslong trading range over the weekend, selling off below the key resistance level at $74,000 to trade recently at $70,600.

Ether ($ETH) and the altcoin market followed suit, as $ETH tumbled from April 11 high of $2,320 to $2,190. It remains little changed since midnight UTC.

The selloff came as Brent crude oil jumped back above $100 per barrel after U.S. President Donald Trump ordered a blockade at the Strait of Hormuz. The conflict with Iran has been a direct driver of risk asset price action over the past month, with U.S. equities and crypto being inversely correlated to oil and the U.S. dollar.

For now, bitcoin and the broader crypto market remain in a trading range that has persisted…