Bitcoin slips below $81K as oil prices hit seven-month high

Bitcoin drops as oil prices surge

Bitcoin (BTC) dipped below $81,000 at the start of Friday's US trading session, hitting a low of $80,988 before recovering to approximately $81,600. This price action occurred while traditional stock markets fell and Brent crude oil reached its highest level since March.

The decline in Bitcoin coincided with a broader risk-off environment. US stocks opened lower, with the Dow Jones Industrial Average down 1.4%, the S&P 500 down 0.6%, and the Nasdaq Composite down 0.2%. Simultaneously, oil prices spiked due to geopolitical tensions in the Middle East, causing traders to seek safer assets like US bonds, which kept the 10-year yield below 5%.

Key market data

• Bitcoin traded between $80,988 and $81,600 during the session.
• Brent crude oil rose nearly 3% to $116 per barrel, a level last seen in mid-March 2026.
• WTI crude oil surpassed $102 per barrel, its highest level since September 16.
• Bitcoin is currently attempting to reclaim its 50-day simple moving average (a technical indicator showing the average price over 50 days) at $81,781.

Geopolitical drivers

Economist Robin Brooks noted that oil prices are rising despite actual oil flows through the Persian Gulf approaching pre-war levels. He attributed this decoupling of price and physical supply to a "huge risk premium" being added by markets concerned about the US-Iran conflict. These tensions, including fears of renewed military strikes around midterm elections, are contributing to the broader market volatility affecting crypto assets.

Technical outlook

Keith Alan, cofounder of Material Indicators, highlighted that Bitcoin has fallen below its 50-day simple moving average. He indicated that if traders fail to push the price back above $81,781 by the daily close, the asset may test lower support levels in the $78,000 to $80,000 range. Previously, Cointelegraph reported that the $80,000 to $81,500 zone provides significant support because it aligns with the average cost of investors holding spot Bitcoin exchange-traded funds (ETFs), which are funds that track the price of Bitcoin.

Sources

• Cointelegraph