Oil shock and inflation fears drag down bitcoin :Crypto Daybook Americas
Bitcoin dropped below $67,000 due to escalating Middle East tensions driving investors toward the U.S. dollar.Summary
Bitcoin fell over 3.5% to below $67,000 as rising geopolitical tensions in the Middle East prompted a flight from risk assets into the U.S. dollar. Iran's threat to close the Strait of Hormuz, which handles one-fifth of global oil supply, caused Brent crude to climb over 13% and shipping rates to hit record highs, fueling renewed inflation fears. This macro environment pushed the dollar index up and U.S. Treasury yields higher, as markets anticipate central banks may face renewed inflation pressure from rising fuel costs. Despite the initial drop and $300 million in liquidations following a U.S. strike on Iran, analysts noted the deleveraging was orderly, and options positioning suggests traders are anticipating a rebound beyond $70,000, potentially mirroring a past rally after a similar event.
Technical analysis shows BTC/USD remains constrained below the 200-week EMA with a low RSI, suggesting a sideways grind between $65,000 and $70,000, although options flows hint at bullish positioning for a rebound this month.
(Source：CoinDesk)