Bitcoin (BTC) faced fresh downside pressure as Wall Street opened lower on oil-supply fears, with a prominent analyst flagging a possible revisit of $10,000.
Key points:
– Analyst warns $10,000 for BTC could come back amid market weakness.
– Bitcoin and U.S. equities fell as concerns around the Strait of Hormuz persisted.
– WTI crude spiked to about $114 per barrel in a volatile open.
BTC price may be reverting to $10,000
TradingView data showed BTC dipping below $66,000 to week-to-date lows as market participants issued cautionary views on both near- and long-term price action. Bloomberg Intelligence senior commodity strategist Mike McGlone suggested in a post on X that Bitcoin “may be reverting” toward the $10,000 level, noting that price hovered near that mark before the 2020–21 rally and that it was the level where Bitcoin futures first began trading nearly a decade ago.
CoinGlass reported more than $400 million in crypto liquidations over 24 hours on Thursday, underscoring elevated short-term selling pressure.
Oil surges on supply concerns as stocks slide
U.S. equities opened sharply lower, with the Nasdaq down over 2% at one point. Oil drew focus after reports around traffic through the Strait of Hormuz, sending WTI to roughly $114 per barrel in early U.S. trading. The spike heightened inflation concerns: The Kobeissi Letter warned U.S. inflation could rise to about 3.6% if elevated oil prices persisted for two months, which would be the highest inflation since September 2023.
Prediction platform Kalshi showed falling odds that traffic through the Strait of Hormuz would return to “normal” this year, adding to risk sentiment.
Political developments also weighed. Markets reacted to a national address by U.S. President Donald Trump that failed to deliver de‑escalation assurances on the Iran situation. Adam Kobeissi called the address “the most puzzling part of the Iran War yet,” noting the apparent disconnect between rhetoric from Iran’s leader and the U.S. response.
Market impact and outlook
The combination of geopolitical risk, rising oil prices, and disappointing political signals increased volatility across asset classes—pressuring stocks, gold, and crypto. Analysts highlighted the potential for further downside in BTC if risk assets continue to sell off and macro uncertainties remain unresolved.
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