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Analyst: Bitcoin's rebound is "fragile," with the rally driven by falling oil prices rather than strong buying activity
BlockBeats news, May 4 — macro analyst and Coin Bureau co-founder Nic Puckrin said in a post that the rebound “looks shaky” after Bitcoin recently broke above $80,000. He noted that this upswing was mainly driven by falling oil prices (Brent crude fell to below $110 due to “Project Freedom” news), rather than being supported by strong buying demand. If Brent crude surges again to above $110, Bitcoin will once again face significant downward pressure.
Puckrin believes that if Bitcoin fails to hold $79,500 today, the odds of a large rally will decrease. At the same time, he observed that gold has lost momentum after a strong performance in 2025. Demand for safe-haven buying of the U.S. dollar index is also weakening, as many countries around the world are seeking to reduce reliance on dollar-denominated assets.
For traditional stock markets, Puckrin warned that AI trading is becoming crowded. One warning sign is that companies outside the industry (such as a Japanese toilet manufacturer) are “turning to AI” to prop up share prices—similar to last year’s trend of companies adding Bitcoin to their treasuries—potentially signaling the prelude to large-scale sell-offs.