Bitcoin Surges 6% to $81K Amid Oil Crisis
Bitcoin's price jumped 6% to $81,034 on Friday as the worsening fuel crisis sent US bond yields climbing again. The sudden move caught short sellers off guard, with CoinGlass reporting over $250 million in cumulative cross-crypto short liquidations in a four-hour period.
The International Energy Agency warned that countries may have no choice but to cut oil usage due to dwindling supplies and depleting commercial inventory buffers. US WTI crude prices rose from $94.80 to around $98 per barrel as the agency highlighted the risks of higher prices and further demand reductions.
Trader Rekt Capital noted that bulls are now at a 'moment of truth' with Bitcoin's price needing to break above $82,000 to maintain its bullish regime. The cryptocurrency also reclaimed its True Market Mean at $76,660, which puts it back in a bullish position.