Bitcoin jumped past $80,000 on Friday as concerns about global oil supplies drove US bond yields higher. The cryptocurrency gained 6% during Wall Street's opening, reaching a local high of $81,034 on Bitstamp.
The price surge triggered significant liquidations across crypto markets. Data from CoinGlass showed approximately $250 million in cumulative cross-crypto short liquidations over a four-hour period as positions above the spot price were forced to close.
Oil Supply Pressures and Yield Movements
US crude oil prices fell to lows of $94.80 per barrel before recovering during the Asia trading session, circling $98 at the time of reporting. The volatility reflected concerns about constrained Gulf supplies and depleted commercial inventory buffers.
The International Energy Agency warned that countries may need to reduce oil consumption if supply disruptions persist. Oil flows through the Strait of Hormuz stood at 7.6 million barrels per day in August, significantly below pre-disruption levels.
US 30-year bond yields rose 90 basis points to reach 5.34%, reflecting broader market concerns about energy costs and inflation. Both the US and Japan raised interest rates this week amid rising yields across multiple nations.
Key Technical Levels Ahead
Bitcoin reclaimed its True Market Mean, the aggregate cost basis of all coins acquired on secondary markets, currently at $76,660. Analysts identified $82,000 as a critical resistance level for BTC/USD, with failure to break through potentially creating a double rejection pattern similar to price action seen in mid-May.
The cost basis for Bitcoin's corporate treasuries sits at $80,500, reinforcing the significance of the current price range for institutional holders.
