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Bitcoin (BTC) jumped past $80,000 around Friday’s Wall Street open as fuel-crisis woes spread through global markets.
Key points:
- Bitcoin gained 6% on Friday as concerns about oil supply saw US bond yields reverse higher.
- Crypto markets liquidated $250 million in short positions over four hours.
- BTC price momentum now faces the familiar resistance levels first encountered in May.
BTC surges 6% as US bond yields turn upward
Data from TradingView showed BTC/USD filling pockets of upside liquidity to reach local highs of $81,034 on Bitstamp.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
A cluster of short positions above the spot price came under fire as a result. Per data from CoinGlass, cumulative cross-crypto short liquidations sat near $250 million over four hours.
BTC liquidation heatmap. Source: CoinGlass
US WTI crude fell to lows of $94.8 per barrel, only to begin climbing again during the Asia trading session. It is…
