Bitcoin experienced a decline below $81,000 following the Friday opening of Wall Street. The asset fell to $80,988 before recovering to approximately $81,600. Market participants are currently monitoring the 50-day simple moving average, which sits at $81,781.
Keith Alan, cofounder of Material Indicators, noted that Bitcoin dropped below its 50-day moving average. If the price fails to reclaim this level by the daily close, a retest of support in the $78,000 to $80,000 range is possible. Analysts previously identified significant support between $80,000 and $81,500, linked to the cost basis of spot Bitcoin ETF investors.
Global markets reacted to rising oil prices and geopolitical tensions. Brent crude oil reached $116 per barrel, its highest level since mid-March, while WTI crude exceeded $102 per barrel. US stocks also opened lower, with the S&P 500 down 0.6%, the Nasdaq Composite down 0.2%, and the Dow Jones Industrial Average falling 1.4%.
The 10-year US bond yield remained below 5%, after hitting 4.939% on Thursday, marking the lowest level since September 23. Economist Robin Brooks highlighted a decoupling between oil prices and transit volumes, suggesting that markets are currently pricing in a significant risk premium due to ongoing tensions.
