Crypto Markets Consolidate Amid Higher Oil Prices
Bitcoin and Ethereum continue to consolidate in price, with BTC trading around $83,900 and ETH at $2,680. This comes after a slight correction from recent highs, as investors reassess risk amid higher oil prices.
Avinash Shekhar, Co-founder & CEO of Pi42, notes that Bitcoin's near-term support area is the $82,000-$83,000 zone. He also mentions that a move back above $85,000 could restore momentum towards recent highs.
CoinSwitch Markets Desk points out that BTC is consolidating around $83K as investors reassess risk amid higher oil prices, with crude holding above $100 on renewed US-Iran tensions. Institutional demand remains robust, with spot Bitcoin ETFs drawing $2.45 billion in net inflows last week.
Prateek Gupta, Head of Business at Mudrex, believes that the move looks more like risk-off pressure and profit-taking than a fundamental reversal. However, liquidation risks are rising, with Binance showing $4.35 billion in long positions below current levels versus $1.65 billion in shorts above.