Bitcoin set up for rip to $80,000 even as oil prices surge and Iran threatens $200 a barrel
Bitcoin is showing resilience near $70,000 despite surging oil prices, supported by cleaner market structure and stabilizing ETF flows, suggesting potential for an $80,000 move.Summary
Bitcoin is holding near $70,000, demonstrating resilience against surging oil prices (WTI near $92, Brent near $97) and threats from Iran regarding $200 oil, a significant divergence from previous macro trends. This strength is attributed to a cleaner market structure, with reduced leverage ratios following whale distribution, and stabilizing inflows into spot Bitcoin ETFs after weeks of outflows. Furthermore, on-chain data suggests long-term returns are comparable to late 2022, preceding a major rally. Technical indicators, including liquidation levels and a rising RVT Ratio indicating accumulation, support continued strength. If Bitcoin breaks through the low $70,000s, dealer hedging around the $75,000 strike price could accelerate a move toward $80,000, especially given negative perpetual futures funding which offers room for a short squeeze.
(Source：CryptoSlate)