Bitcoin Surges Past $81K as Oil Uncertainty Drives Higher Yields

Bitcoin surged past $81,000 on Friday's Wall Street open, reaching a local high of $81,034 on Bitstamp. The price increase coincided with renewed stress in global energy markets, where concerns around oil supply led to higher US bond yields.

The interplay between oil and crypto markets spilled over into derivatives, causing short-position liquidations that accelerated to nearly $250 million over a four-hour window, according to CoinGlass data. This contributed to Bitcoin's short-term upside momentum.

US 30-year yields rose to 5.34% on the day, up 90 basis points, as traders linked rising yields across multiple countries to expectations that central banks would maintain or raise interest rates. An environment of higher interest rates can reprice risk assets, including crypto.

Bitcoin's rebound ran into resistance zones around $82,000, a key test for the cryptocurrency. If it fails to clear and hold above this level, it could resemble a double rejection scenario, according to Rekt Capital.