Bitcoin hits $81K as US bond yields rebound on global oil woes

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 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.