Bitcoin Drops 2.4% Below $70,000 as Oil Surges 7.2%

[kim]

The world's largest cryptocurrency slipped below the $70,000 threshold on Thursday, falling as much as 2.4% to $69,508 and extending losses from the previous session, which marked its sharpest drop in three weeks. The move came alongside a broader risk-off shift across global markets, as escalating tensions tied to Iran weighed on sentiment, dragging Japanese equities into their longest losing streak since April while European stocks declined across the board.

At the same time, energy markets moved sharply higher. Brent crude surged as much as 7.2% to $115 a barrel in early London trading, while European natural gas jumped up to 35% after Iranian attacks on a major liquefied natural gas facility in Qatar. The spike in energy prices appears to have reinforced investor caution, pressuring risk assets including cryptocurrencies and equities.

Robin Singh, chief executive officer of crypto tax platform Koinly, said Bitcoin (BTC-USD) may have run out of steam after dropping nearly 5% over the past 24 hours, with a pullback toward $65,000 a possible outcome in the coming days. He added that price action could remain range-bound between $65,000 and $75,000 in the weeks ahead, while a move toward $80,000 would likely require a meaningful shift in sentiment and stronger bullish catalysts.
source: https://www.tradingview.com/news/gurufocus:69c326e3f094b:0-bitcoin-drops-2-4-below-70-000-as-oil-surges-7-2/