Bitcoin Slides 2% as Oil Surges 10.5% After Tanker Attacks
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Bitcoin (BTC-USD) traded lower Thursday as a sudden spike in oil prices rattled risk sentiment across global markets, underscoring how geopolitical tensions in the Middle East are continuing to shape investor positioning. The largest cryptocurrency slipped as much as 2% and hovered near $70,000 early in New York after attacks on two oil tankers in Iraqi waters pushed energy markets sharply higher. Brent crude surged as much as 10.5%, briefly lifting oil back above $100 a barrel and prompting a broad risk-off move that extended into equities and digital assets.
Despite the pullback, Bitcoin has remained relatively resilient since the United States and Israel initiated a bombing campaign against Iran on Feb. 28. The token was among the first assets to fall during that weekend when traditional markets were closed before rebounding quickly. In the days that followed, Bitcoin climbed back above $73,000 as traders looked for highly liquid assets that could allow rapid repositioning during periods of heightened volatility. Rachael Lucas, an analyst at BTC Markets, noted that some profit-taking around the $70,000 level could emerge while oil volatility and geopolitical uncertainty continue to cloud the near-term macro backdrop.
Even so, some market indicators suggest the current setup could still support upside momentum if broader pressures stabilize. Andreja Cobeljic, head of derivatives trading at Amina Bank, pointed to negative funding rates on Bitcoin perpetual futures, which fell to their lowest level in nearly five weeks on Thursday. According to Cobeljic, such conditions have occurred only 10 times since 2018 and have historically preceded stronger forward returns over longer horizons. He also noted that large holders commonly known as whales have continued accumulating Bitcoin during dips into the low $60,000 range, a pattern that could potentially position the market for a relief rally even as geopolitical headlines remain unsettled.
source: https://www.tradingview.com/news/gurufocus:e126ed7d3094b:0-bitcoin-slides-2-as-oil-surges-10-5-after-tanker-attacks/
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