Bitcoin seeks support above $81K as Brent crude oil hits highest level since March — SkimNews
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- Bitcoin fell to $80,988 before recovering to around $81,600, losing ground below its 50-day simple moving average at $81,781, with traders watching for a potential retest of support between $78,000 and $80,000
- Brent crude oil surged nearly 3% to $116 per barrel — the highest since mid-March — on fears of renewed US military action against Iran around the midterm elections, outpacing WTI's rise past $102
- S&P 500, Nasdaq Composite, and Dow Jones Industrial Average opened lower by 0.6%, 0.2%, and 1.4% respectively as risk-off sentiment grew amid AI-sector spending concerns and rising energy costs
- Robin Brooks observed a historic decoupling between oil prices and actual Persian Gulf transit volumes, noting markets are pricing in a 'huge risk premium' despite near-normal flow levels
- Keith Alan highlighted that failure to reclaim the 50-day SMA by daily close could open the door to a support test in the $78k–$80k range, citing technical vulnerability in BTC’s short-term structure
- Spot Bitcoin ETFs have an aggregate cost basis between $80,000 and $81,500, creating a potential price floor as institutional investor holdings concentrate in that zone
Why it matters: With Bitcoin trading near the ETF cost basis and oil spiking on geopolitical risk, a breakdown below $80,000 could trigger cascading liquidations while simultaneously pressuring equities through higher energy costs and risk aversion — directly impacting crypto holders, energy traders, and tech investors.
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