Analyst: Bitcoin falls back below $76,000 due to declining oil prices

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CryptoWorld News reports that Bitcoin (BTC) has retreated to below $76,000 due to concerns over global oil supply, setting a new low in nearly a week. TradingView data shows that BTC/USD fell below $76,000 when the U.S. stock market opened. The blockade of the Strait of Hormuz has made oil prices the focus of the market, with WTI crude oil rebounding to $100 per barrel. Trump said on social media that Iran is in a “collapse state.” Analysis resource Kobeissi Letter noted that Iran is rapidly running out of oil storage capacity, and the energy crisis in Asia will intensify. On-chain analysis platform Glassnode mentioned that the supply disruption in the Strait of Hormuz continues, impacting market sentiment. BTC price failed to break above $80,000, even though the weekly candle closed above a key resistance line. Market participants are cautious about a “double bottom” pattern; trading resource Material Indicators commented that BTC bulls have not yet shown strong rebound enthusiasm, and it expects volatility to increase as the month-end approaches.

BTC0.22%
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