Bitcoin hits $81K as US bond yields rebound on global oil woes
Bitcoin price action made swift gains at the start of Friday’s Wall Street trading session as US 30-year bond yields began rising again.
Bitcoin surged past $80,000 at the opening of Friday's Wall Street trading session as US 30-year bond yields began to rise again. The price of BTC/USD reached a peak of $81,034 on the Bitstamp exchange. Short positions above the current price began to face pressure, with cumulative cross-crypto short liquidations totaling nearly $250 million over four hours, according to CoinGlass.
Crude oil prices from US West Texas Intermediate (WTI) fell to $94.8 per barrel before climbing again during the Asia trading session. The price is currently hovering around $98. The International Energy Agency (IEA) warned on Friday that countries may need to reduce usage if Gulf oil supplies remain constrained and commercial inventory buffers continue to dwindle.
The IEA reported that oil flows through the Strait of Hormuz in August were 13.1 million barrels per day below the pre-US-Iran war levels. The report estimated oil flows through Hormuz at 7.6 million barrels per day, with Gulf producers' exports accounting for February to August 2026. If Gulf supplies remain low and inventories continue to decrease, higher prices and further demand reductions could be necessary to close the supply-demand gap.
As the price action unfolded, trader and analyst Rekt Capital commented that bulls were facing a "moment of truth" with Bitcoin. A chart uploaded to X showed $82,000 as a key level for BTC/USD to break through. Failing to reach this level would create a double rejection pattern, along with the recent price action that ended the mid-May rebound. Bitcoin's current price has reclaimed its True Market Mean, which sits at $76,660, putting it back into a bullish regime.
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