Bitcoin Surges Past $80K Amid Fuel Crisis and Oil Supply Woes

Bitcoin surged past $80,000 on Friday as fuel crisis woes spread through global markets. The price jump of 6% saw US bond yields reverse higher, with the US 30-year yield reaching 5.34%, up 90 basis points.

The International Energy Agency (IEA) warned that countries may have no choice but to cut usage due to oil supply constraints. US WTI crude fell to lows of $94.8 per barrel before climbing again during the Asia trading session, circling $98 at the time of writing.

Crypto markets liquidated $250 million in short positions over four hours, with a cluster of short positions above the spot price coming under fire. The $BTC price momentum now faces familiar resistance levels first encountered in May, with analyst Rekt Capital noting that bulls faced a 'moment of truth' at the current key level of $82,000.