Bitcoin’s $80K Push Stalls as Pentagon Warns of Prolonged Oil Price Spike

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<a href="https://jpyxx.com/btc-usd/">Bitcoin</a>‘s bullish momentum runs into Pentagon-backed inflation warning

What to know:

  • Bitcoin’s latest push toward $80,000 stalled as rising oil prices, driven by risks around the Strait of Hormuz, tightened financial conditions and stoked inflation concerns.
  • Rising energy costs and higher government bond yields are weighing on risk assets, even as U.S.-listed spot bitcoin ETFs log their strongest week of inflows in a month.
  • Analysts warned that bitcoin’s recent gains are being powered mainly by perpetual futures rather than spot buying, raising the risk of a decline even as bitcoin continues to outperform gold on a relative basis.

In this article

BTCBTC$77,507.31◢1.02%

Bitcoin was starting to gain traction and looked poised to surpass $80,000, but broader economic concerns quickly created new challenges.

According to a confidential report to U.S. lawmakers, the Pentagon estimates it would take at least six months to remove mines from the Strait of Hormuz – a critical route for oil tankers – but only after any conflict between the U.S. and Iran is over. The Washington Post reports that this situation could keep gas and oil prices high through the upcoming midterm elections.

High energy prices could continue to drive inflation, making it difficult for the Federal Reserve to lower interest rates. This creates a challenging environment for investments like stocks. Bitcoin, specifically, is heavily influenced by interest rate changes and the availability of money, more so than by the overall health of the economy. Furthermore, increasing prices for necessities like gas and groceries might discourage investors from putting money into riskier investments.

We’re already seeing signs of these risks in the markets. The price of WTI crude oil has increased from $79 to around $95 in just the past week, and interest rates on government bonds are going up globally. For example, the yield on the 10-year U.S. Treasury bond has risen to 4.32%, up eight basis points this week, and the U.K.’s equivalent has increased by 18 basis points to 4.96%.

According to Michael Kramer, head of Mott Capital Management, increasing oil prices, rising interest rates, and greater market uncertainty all point to a tightening of financial conditions and growing risks for investors.

This is an excerpt from CoinDesk newsletter ‘Daybook.’ Sign up here, if you haven’t already.

Demand for U.S. bitcoin ETFs remains strong. Recent data from Glassnode shows these funds experienced their biggest weekly inflows in a month, indicating continued interest from investors.

However, some experts are advising against getting too carried away, pointing out that the recent price increase isn’t being seen across the board in immediate transactions.

According to CryptoQuant’s head of research, Julio Moreno, the recent rise in Bitcoin’s price is mainly due to activity in the perpetual futures market. While demand for buying Bitcoin directly is still decreasing, the rate of decrease is slowing down. Moreno notes this situation is similar to what happened in January when Bitcoin reached nearly $98,000, and warns that a price drop could occur if traders begin to sell their holdings while direct buying remains weak.

As a crypto investor, I’m watching the market closely and noticing some interesting things. USDT, the biggest stablecoin, just hit a new all-time high in value – almost $189 billion! But at the same time, I’m seeing a lot of hype around some pretty questionable tokens, and people are piling into risky bets. It feels like things are getting overheated, so I’m staying cautious and keeping a close eye on everything.

Today’s signal

The chart illustrates how the price of Bitcoin compares to the price of gold, using a candlestick chart. It also includes three moving averages: a red line for 50 days, a white line for 100 days, and a yellow line for 200 days, to show price trends.

The ratio is consistently increasing and has now surpassed its 100-day average. Even more significantly, the 50-day average is likely to rise above the 100-day average soon, which would signal a positive trend. This pattern, known as a bullish crossover, typically indicates growing positive momentum.

That would mean continued outperformance of bitcoin relative to gold.

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2026-04-23 14:37