Bitcoin Rebounds Above $82,000 as Oil Prices Retreat
Bitcoin climbed as much as 2.3% in early Asia trading Monday as oil prices fell and other risk assets recovered. The cryptocurrency hovered around $82,400 at…
Bitcoin rebounds above $82,000 on Monday, climbing as much as 2.3% in early Asia trading as oil prices declined and risk assets recovered. The cryptocurrency hovered around $82,400 at noon in Singapore, according to Bloomberg reporting carried by Yahoo Finance.
The move offered some relief after Bitcoin fell roughly 3% last week alongside a selloff in stocks led by technology shares. But the rebound came as demand for US-listed spot Bitcoin exchange-traded funds weakened for a second consecutive week.
Oil retreat lifts risk appetite
Ether rose as much as 3.7%, while Solana gained more than 4.6%, the report said. The gains came as Brent crude fell as much as 2% after retreating from a five-month high.
Oil prices eased on signs that supplies from the Middle East had held up since the US war with Iran broke out. Crude remained elevated at roughly $107 a barrel, however, and was still above prices seen for most of the previous week.
US equity futures also advanced. A gauge of S&P 500 futures was up roughly 0.8%, while Nasdaq 100 futures gained 1.3%, according to the report. The broader improvement in risk appetite helped cryptocurrencies recover alongside other assets.
The shift matters for crypto traders because the latest rise followed a broad market selloff rather than a reported change in Bitcoin-specific demand. The price remains within last week’s trading range of $80,000 to $85,000, leaving the recovery inside the bounds already set by recent trading.
Fund outflows continue
Damien Loh, chief investment officer at Ericsenz Capital, described the advance as a “retracement after a big risk-off week.” He said he saw no near-term drivers for Bitcoin to break new highs and viewed the overall risk environment as a downside concern.
“No news is good news,” Loh said.
Investor flows have remained a counterweight to the price rebound. US-listed spot Bitcoin exchange-traded funds recorded $228.6 million in outflows last week, following $681 million in outflows the previous week, the report said.
Last week’s decline in Bitcoin coincided with doubts about heavy spending on artificial intelligence, which contributed to a selloff led by technology stocks. The latest bounce came as oil retreated and stock futures rose, while fund flows continued to show withdrawals.
Bitcoin was still trading within the $80,000 to $85,000 range reported for last week.
Source: finance.yahoo.com
