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Bitcoin Soars Past $80K on Oil Crisis Fears
19 Sep
Summary
- Bitcoin surged 6% on Friday amid rising US bond yields.
- Crypto markets saw $250 million in short positions liquidated.
- Bitcoin faces resistance near May's previous price levels.
Bitcoin's price action saw a swift ascent on Friday, surpassing $80,000 during Wall Street's trading session. This surge coincided with a renewed rise in US 30-year bond yields, driven by global concerns over oil supply. Bitcoin (BTC) climbed by 6% as the energy crisis fears intensified.
Data indicated that BTC/USD reached local highs around $81,034, triggering the liquidation of nearly $250 million in cumulative cross-crypto short positions within a four-hour span. This price movement occurred as US WTI crude oil prices began to recover after earlier lows.
The International Energy Agency (IEA) issued a warning regarding potential oil usage cuts, highlighting the impact of constrained Gulf supplies on global markets. Amid this uncertainty, US bond yields, including the 30-year yield, saw an increase.
Analysts note that Bitcoin's current price action is testing crucial resistance levels around $82,000, a level that, if breached, could signal a significant breakout. The cryptocurrency has reclaimed its true market mean, a key indicator of aggregate cost basis, further reinforcing the significance of current price ranges.
