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Just heard: Bitcoin is currently breaking through the 72k mark, while oil prices are finally going down again. The thing is, the IEA announced they would release emergency reserves, and since then, the fear of supply shortages has eased. This is boosting risk appetite in the markets again.
What surprises me: Bitcoin is currently performing much better than tech stocks. The S&P 500 and Nasdaq are only up about 0.5 percent, but Bitcoin has already risen over 2 percent today. XRP, DOGE, and SUI are all moving higher as well. This suggests that Bitcoin is slowly decoupling from the tech correlation. While WTI oil has fallen to $82, crypto-related stocks are holding extremely steady.
An analyst says this is a cautiously optimistic signal. Bitcoin tested the 60k zone but recovered again. If support around 66k holds, we could see a bottom formation. However: if that doesn’t hold, we’ll probably see another test downward. For now, I remain somewhat bullish on Bitcoin, but with caution.