Bitcoin Surges Past $81K Amidst Global Oil Supply Concerns
Bitcoin has surpassed $81K after experiencing a 6% gain on Friday as fuel crisis woes spread across global markets.
The surge was accompanied by US bond yields rebounding higher, with the US 30-year yield reaching 5.34% - up 90 basis points. This rise in bond yields, combined with oil supply concerns, led to a reversal of fortunes for Bitcoin.
Data from TradingView showed $BTC/USD filling pockets of upside liquidity to reach local highs of $81,034 on Bitstamp. The crypto markets saw liquidations of $250 million in short positions over four hours.
According to analyst Rekt Capital, the price momentum now faces a key breakout test at the resistance levels first encountered in May. Failing to break through $82,000 could constitute a double rejection pattern and undermine bullish sentiment.