Bitcoin price action stayed rangebound after failing to sustain above $84,000 into the Wall Street open on rising oil prices.
Bitcoin (BTC) gave back early-week gains into Monday’s Wall Street open as doubts compounded over a Russia-Ukraine “energy ceasefire.”
Data from TradingView showed BTC/USD reaching $84,254 on Bitstamp, its highest level since Wednesday, before dropping up to 2.2%.
The retreat came as Ukraine president Volodymyr Zelenskyy accused Russia of continuing to target energy infrastructure despite US president Donald Trump announcing a moratorium on such strikes. Elsewhere, Iran reported that an oil tanker had been hit and was ablaze in the Strait of Hormuz.
Oil prices reacted sharply, with WTI crude spiking past $94 per barrel and Brent crude reaching $107.25 — its highest since Sept. 16.
“Oil volumes out of the Persian Gulf are around 13 mb/d compared to a high of 16.5 mb/d a few weeks ago. This is still way better than the height of the war in March and April, but oil prices are back to their highs,” Robin Brooks, former chief FX strategist at Goldman Sachs, noted in a blog post on the day.
“Implied volatility has held firm even as spot settled back into the range, while risk reversals show a less pronounced premium for puts than usual. Read together, the market looks less defensively positioned but still priced for a possible breakout,” trading company QCP Capital summarized in its latest analysis.
Trader and analyst Rekt Capital flagged $83,400 as local resistance on the day, with that level mirroring the area around $77,000 from mid-August through Sept. 21, when BTC/USD broke higher.
Data from CoinGlass showed ask liquidity clustered around $84,500 on exchanges, with the total at that level circling $180 million. Bids were building around $82,000 at the time of writing, with spot price trending toward that level.