Bitcoin price action made swift gains at the start of Friday’s Wall Street trading session as US 30-year bond yields began rising again.
Bitcoin (BTC) jumped past $80,000 around Friday’s Wall Street open as fuel-crisis woes spread through global markets.
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 circling $98 at the time of writing.
CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView
In a report on Friday, the International Energy Agency (IEA) warned that countries may have no choice but to cut usage. In March, the IEA released 400 million barrels from its emergency reserves amid the closure of the Strait of Hormuz.
“Prices for crude and oil products had eased from their April peaks in the months that followed as emergency IEA stocks were released, Strait of Hormuz bypass routes boosted Middle East exports, producers outside the region raised output, flows out of the Persian Gulf partially recovered and global demand softened,” it wrote.
“But if Gulf supplies remain constrained in the coming months and commercial inventory buffers continue to deplete rapidly, higher prices and further demand reductions may be required to close the supply-demand gap.”
The report calculated oil flows through Hormuz at 7.6 million barrels per day in August, 13.1 million below the daily tally before the US-Iran war.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on cointelegraph.com
