Question: What is the historical context of Revelation 1?
Still to be!
Revelation 1:10 states that it is “the Lord’s Day”; which has not happened yet!
Regarding the Lord’s return; it was anticipated soon after His resurrection, but because the Jews rejected Jesus’ Sacrifice, it is now delayed until the events of Zech.12:10!
The time of the Second Advent i.e. CHRIST'S RETURN: Expectation was that the second coming was imminent i.e. end of Acts period. If the Jews had accepted Christ, He would have returned then, and John the Baptist would have "been as Elijah", (Mal. 4:5, Matt. 11:14, Matt. 17:10-13, Mk. 9:13 and Lk. 1:17).
Had the Jews accepted Christ as Messiah after Paul's visit to the Roman Synagogue at the end of Acts; Christ would have returned, as He had to be crucified to conform to O.T. prophecies, and to win Sacrificial Redemption, for the Jews and Gentiles and the Millennium Reign would have been instigated. (See: Acts 28, and especially the turning to the Gentiles at Acts 28:25-28).
See: http://www.revelationsmessage.co.uk/P2%20BACKUP.html
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