Bitcoin falls 2.2% as oil spikes on Ukraine and Iran strikes
Bitcoin hit $84,254 before retreating 2.2% as Brent crude topped $107 amid doubts over a Russia-Ukraine energy ceasefire and a tanker strike in the Strait of Hormuz.
Key points
- BTC/USD reached $84,254 on Bitstamp, its highest since Wednesday, before dropping as much as 2.2%.
- WTI crude spiked past $94 a barrel and Brent reached $107.25, its highest since 16 Sept.
- CoinGlass showed ask liquidity near $84,500 at about $180m, with bids building around $82,000.
Bitcoin gave back its early-week gains into Monday's Wall Street open, with the Bitcoin price falling 2.2% after failing to hold above $84,000. Cointelegraph reports that BTC/USD reached $84,254 on Bitstamp, its highest level since Wednesday, before the retreat.
Markets were already tense ahead of US inflation data, with the Consumer Price Index due on Wednesday and the Producer Price Index on Thursday.
QCP Capital reported defensive positioning in Bitcoin options alongside expectations of a possible breakout, saying a clean move above $87,000 would bring $94,000 into focus.
What to watch: US Consumer Price Index data is due on Wednesday and Producer Price Index data on Thursday.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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