Bitcoin has done better than gold and stocks since the start of the war, but the surging cost of oil could inhibit its growth.
Bitcoin ($BTC) is banging against the $70,000 door, but the surging cost of oil in the macro environment just changed the locks.
With oil prices reaching dangerously close to $100 per barrel amidst escalating geopolitical tensions, the asset’s recovery rally is stalling out as risk assets feel the heat of renewed inflation fears.
While bulls are defending the lower bounds of the range, the path to a new all-time high has suddenly become steeper.
The correlation between energy markets and crypto risk appetite is tightening, creating a standoff between spot demand and macro anxiety. But one level keeps getting in the way.$BTC
