Bitcoin rebounds above $82,000 as oil’s retreat lifts risk mood
In this news:
Key takeaways
- Bitcoin climbed back above $82,000 following a decline in oil prices.
- Ether and Solana also registered gains in early London trading.
- US spot Bitcoin ETFs recorded outflows for two consecutive weeks.
Bitcoin rose back above $82,000 on Monday, rebounding with risk assets as oil prices declined.
The original cryptocurrency climbed as much as 2.4 per cent and was hovering around $82,600 in early London trading. Smaller tokens also advanced. Ether was up as much as 3.7 per cent, while Solana gained more than 4.7 per cent.
Macro factors and risk appetite
Cryptocurrencies have joined a tentative recovery in risk appetite after oil retreated from a five-month high on signs that supplies from the Middle East have held up since the US war with Iran broke out. Brent crude fell as much as 2 per cent, while a gauge of S&P 500 futures was up roughly 0.8 per cent and Nasdaq 100 futures were up 1.3 per cent.
Improving macro conditions have helped Bitcoin reverse its trend from last week, when it fell roughly 3% along with a selloff in stocks led by technology shares amid renewed doubts about massive spending on artificial intelligence.
Today’s move higher is a “retracement after a big risk-off week,” said Damien Loh, chief investment officer at Ericsenz Capital.
“No news is good news,” he said. “I don’t see any near-term drivers for it to break new highs, and I think the risk is for the downside given overall risk environment.”
Institutional demand and trading range
Oil remains elevated at roughly $107 a barrel, higher than prices for most of last week.
Institutional demand has also pulled back from Bitcoin for two consecutive weeks. US-listed spot Bitcoin exchange-traded funds recorded $228.6 million in outflows last week following $681 million in outflows the previous week.
Bitcoin remains within last week’s trading range of $80,000 to $85,000, but is still well below its record high/
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