Bitcoin seeks support above $81K as Brent crude oil hits highest level since March
Bitcoin dipped below $81,000 as stocks fell and Brent crude hit its highest level since March, leaving the 50-day moving average in focus.
Bitcoin has fallen below $81,000 amid a decline in stocks and a surge in Brent crude oil prices, which hit their highest level since March. TradingView data revealed BTC/USD falling to $80,988 before bouncing back to approximately $81,600 at the time of writing. While US stocks opened lower due to AI-sector expenditure troubles and rising oil prices resulting from tensions surrounding the US-Iran war, major indices such as the S&P 500 and Nasdaq Composite Index experienced a 0.6% and 0.2% decline, respectively.
Meanwhile, the Dow Jones Industrial Average dipped by 1.4%. As risk-averse traders emerged, the 10-year US bond yield remained under 5%, having fallen to 4.939% on Thursday, its lowest level since September 23. WTI crude oil surpassed $102 per barrel for the first time since September 16, while Brent crude oil surged nearly 3% to $116 per barrel, a level last observed in mid-March.
Economist Robin Brooks attributed the price increase to concerns about potential US military strikes on Iran ahead of the midterm elections, noting that oil flows through the Persian Gulf had returned to pre-war levels for many countries, but Saudi Arabia had surpassed its pre-war average. Crypto trading platform Material Indicators' co-founder, Keith Alan, predicted that lower support levels may be tested around the $78k to $80k range, as Bitcoin had fallen below its 50-day simple moving average at $81,781, with bulls now attempting to recapture it by the daily close.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
