Bitcoin slid again as U.S. markets opened lower on renewed oil-supply concerns, with a prominent analyst suggesting the cryptocurrency could revisit the $10,000 area.
Price moves and analyst warning
TradingView data showed BTC dipping below $66,000 to week-to-date lows as traders weighed both short- and long-term risks. Bloomberg Intelligence senior commodity strategist Mike McGlone posted that Bitcoin “may be reverting” toward $10,000 — the level BTC traded near before the 2020–21 rally and where Bitcoin futures first began trading almost a decade ago.
Short-term selling intensified: CoinGlass recorded more than $400 million in crypto liquidations over a 24-hour span, highlighting acute downward pressure during the session.
Oil surge, equities slide
Attention turned to oil after reports about traffic through the Strait of Hormuz. WTI briefly jumped to roughly $114 per barrel in volatile early trading, helping drive U.S. equities lower — the Nasdaq was down more than 2% at one point. The spike in crude added to inflation worries: the Kobeissi Letter warned that if oil stays elevated for two months, U.S. inflation could rise toward about 3.6%, the highest since September 2023.
Market odds and geopolitics
Prediction-market data from Kalshi showed declining odds that traffic through the Strait of Hormuz would return to “normal” this year, reinforcing risk-off sentiment. Political developments compounded unease: markets reacted to a national address by U.S. President Donald Trump that did not provide clear de-escalation signals on the Iran situation. Analyst Adam Kobeissi described the speech as puzzling, citing a gap between rhetoric from Iran’s leadership and the U.S. response.
Market impact and outlook
The mix of geopolitical risk, higher oil prices, and uncertain political messaging raised volatility across asset classes, pressuring stocks, gold, and cryptocurrencies. Analysts say BTC faces further downside if risk assets keep selling off and macro uncertainty persists, though outcomes will depend on how those geopolitical and commodity-price developments evolve.
Disclaimer
This write-up is for informational purposes only and is not investment advice or a recommendation. All trading and investing carry risk; readers should conduct their own research and consider consulting a financial professional. No guarantees are made about the accuracy or completeness of the information provided.