Bitcoin slumps to $66,000 as oil price spike rattles Asian stock markets
Bitcoin dropped to $66,010, driven by macroeconomic concerns stemming from a sharp spike in oil prices affecting Asian equities.Summary
Bitcoin's price fell 1.87% to $66,010, retreating from a recent peak of $73,500, which aligns with analysis suggesting the prior surge was a "relief rally." This pullback is attributed to macroeconomic factors, specifically a surge in crude oil prices past $110 per barrel due to Middle East geopolitical risk, which is fueling inflation concerns and pushing markets into a risk-off posture. The oil shock has severely impacted Asian stock markets, with Japan's Nikkei and South Korea's KOSPI plunging significantly. Bitcoin's correlation with the Nasdaq Composite remains high at 88%, showing its sensitivity to geopolitical volatility. Analysts suggest near-term support for BTC is at $65,000, with resistance at $68,000-$69,000. Further stability depends on improving geopolitical situations and monitoring upcoming U.S. economic data, though recent negative ETF flows add pressure.
(Source：The Block)