Bitcoin Keeps Ground Amid Oil Price Surge and Strait of Hormuz Blockade

Bitcoin held its ground around $70,000 on Monday morning after briefly touching $74,000 over the weekend. The price drop came following President Donald Trump's announcement of a blockade in the Strait of Hormuz after peace talks broke down.

The surge in crude oil prices led to a 1.1% decline in Bitcoin's value over the last 24 hours. Brent crude oil prices rose by over 8%, while West Texas Intermediate (WTI) crude oil prices gained more than 9%. The United States Oil Fund (USO) jumped as much as 7.43% in pre-market trade.

According to MN Fund founder and chief investment officer Michael van de Poppe, three on-chain indicators that signal whether Bitcoin is cheap to buy are currently at record lows. He believes '90% of the downside' for markets has already been captured, and markets may not see much more decline in price.