Bitcoin Tumbles Below $65,000 Amid Oil Price Surge
Bitcoin (BTC) fell below $65,000 as oil prices surged and Treasury yields rose, triggering a broader retreat from risk assets. The price of Brent crude remained on track for a weekly gain of almost 10% after settling 7% higher at $100.69 a barrel on July 23.
The move rippled across global markets, with the S&P 500 falling 1.2% and the Nasdaq Composite losing 2.2% on the same day. The 10-year US Treasury yield climbed to roughly 4.7%, its highest since January 2025.
According to André Dragosch, head of research for Europe at Bitwise, a sustained rise in oil could push the 10-year Treasury yield above 5%. Jurrien Timmer, Fidelity Investments' director of global macro, pointed out that rising term premiums could weigh on both asset classes at the same time.
For Bitcoin, the combination of higher oil prices, rising yields, and weaker diversification across traditional markets added pressure. Spot demand had weakened, while futures demand remained positive but well below the levels recorded during Bitcoin's rebound three months earlier.