Bitcoin Hits $81,034 on 6% Surge Amid Oil Supply Fears
Bitcoin price jumped past $80,000 on Friday. This move followed a 90 basis point rise in US 30-year bond yields. The rally coincided with renewed volatility in global crude oil markets.
Bitcoin reached a local high of $81,034 on Bitstamp. This represented a 6 percent gain on the day. The asset broke above the $80,000 threshold during the US market open. This surge occurred as global fuel markets faced renewed supply concerns.
US 30-year bond yields rose by 90 basis points to reach 5.34 percent. This yield increase added pressure to global risk assets. The movement aligned with broader financial market reactions to energy sector instability. Market participants adjusted their positions in response to these shifting rate expectations.
Short positions liquidated in four hours
Crypto markets saw significant forced selling. Data from CoinGlass shows cumulative short liquidations near $250 million. This amount was realized over a four-hour period. The liquidations occurred as prices moved through key resistance zones. The rapid price action triggered a cascade of automated sell orders.
Oil supply constraints drive volatility
WTI crude oil fell to $94.80 per barrel before recovering. The price later circled the $98 mark. The International Energy Agency warned of potential usage cuts. It noted that Hormuz flows dropped to 7.6 million barrels per day. This volume is 13.1 million barrels below pre-conflict levels.
The IEA report highlighted depleting commercial inventory buffers. It stated that higher prices may be required to balance supply and demand. Central banks in the US and Japan raised interest rates this week. These monetary policy shifts correlate with the rising bond yields. The energy crisis continues to influence macroeconomic decision-making.
Key resistance levels define next move
Analysts identify $82,000 as a critical breakout level. Failure to cross this point creates a double rejection pattern. Bitcoin has reclaimed its True Market Mean at $76,660. This metric represents the aggregate cost basis of secondary market coins. The price now sits above a crucial technical support zone.
Corporate treasury cost basis lies at $80,500. This figure reinforces the significance of the current price range. The market remains in a bullish regime according to onchain data. Traders watch for confirmation of the new price direction. The outcome depends on sustaining momentum above the $82,000 barrier.
