BlackRock's Bitcoin ETF Just Had Its Biggest Day in a Year. So Why Is Crypto Still Falling?
- Bitcoin dipped below $81,000 as Wall Street drifted lower on Friday, with the Nasdaq Composite Index and The Dow Jones Industrial Average falling 0.2% and 1.4%, respectively.
- Brent crude oil surged to $116 per barrel and WTI crude crossed $102 as US-Iran military tensions intensified, with economist Robin Brooks noting markets are incorporating a "huge risk premium."
- Material Indicators cofounder Keith Alan warned that BTC price action fell below its 50-day SMA at $81,781, with bulls attempting to reclaim it by day's close or face a support test between $80,000 and $81,500.
- Rising oil prices have fueled inflation fears, pressuring the Federal Reserve to maintain elevated rates that weigh on risk assets like Bitcoin, keeping the cryptocurrency stuck while oil hovers around $100.
- Historically, Bitcoin maintains no persistent correlation with major benchmarks like oil, and analyst Dominic Basulto advises focusing on the big picture rather than daily price swings for long-term investors.
59 Articles
59 Articles
Bitcoin Needs to Reclaim 50-Day Trend Line Amid New Oil Price Surge
Bitcoin (BTC) saw a fresh dip below $81,000 after Friday’s Wall Street open as Brent crude oil set new seven-month highs. Key points: Bitcoin briefly dropped below $81,000 at the start of Friday’s US trading session as stocks drifted lower and the US 10-year yield remained below 5%. Brent crude oil reached $116 per barrel […]
Bitcoin prices fell by more than 3% in a single day, dropping to the $81,000 level. Analysts attribute this to weakness in U.S. tech stocks dampening investor sentiment toward risky assets like cryptocurrencies. As of 8:50 AM on the 23rd, Bitcoin was trading at $81,303 on CoinMarketCap, a global cryptocurrency market data site, down 3.30% from 24 hours ago. During the same period, Solana fell 3.06%.
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