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Analyst: Brent crude rises more than 10% in two days; the negative correlation with Bitcoin may or may not reappear again

MeNews
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ME News update — July 9 (UTC+8). CryptoQuant analyst Darkfost pointed out that after Trump announced the end of the ceasefire, Brent crude oil prices surged by about 10% within two days. He said that when oil prices break above the yearly moving average, it usually signals the arrival of a period of economic pressure (rising inflation, declining production, and slowing growth). Darkfost analyzed that Bitcoin, as a risk asset, shows an inverse correlation with oil prices over a long-term time frame: when Brent oil prices start to rise, Bitcoin’s bull trend often slows down; conversely, when oil prices fall, investors’ risk appetite increases, which benefits risk markets. The current sharp rise in oil prices is happening during a difficult period for Bitcoin, with BTC still holding the key $60,000 level. (Source: PANews)
BZ-2.85%
BTC3.06%
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