The cryptocurrency market gave a signal of recovery on the last trading day of the week due to the impact of global energy and geopolitical developments. Bitcoin price gained over 1 percent on the day, rising to $70,800. It was noteworthy that the price, which dropped below $68,900 during the night, rose again. In other cryptos, the rise was more limited and many major assets performed behind Bitcoin.
Drop in Oil Prices Supported Crypto
Developments in the energy market stood out as one of the main factors determining the direction of crypto assets. The price of West Texas Intermediate crude oil fell by approximately 2 percent to $93.80. A similar retreat was also seen on the Brent oil side. The announcement that England, France, Germany, Italy, the Netherlands and Japan would take joint steps to increase energy supply was effective in this decline.
Geopolitical Risks Remain Uncertainty
The countries in question announced that they will act in coordination to ensure safe passage in the Strait of Hormuz. In the same statement, Iran’s attacks were condemned and a call was made to end the tension. US Treasury Secretary Scott Bessent stated that sanctions against Iranian oil tankers could be lifted and supply to the market could be provided from the Strategic Petroleum Reserve.
Despite this, military tension in the Middle East prevents the uncertainty in the markets from completely disappearing. Although oil prices have fallen, current levels still remain higher than before the war. This situation continues to affect the global economic outlook through energy costs.
Interest Expectations and Market Dynamics
The US Federal Reserve’s emphasis on increasing uncertainty regarding the growth and inflation outlook has led to weakening expectations for interest rate cuts. This development has made both crypto assets and traditional risky investment instruments more sensitive to oil prices. Investors’ risk appetite is shaped by fluctuations in the energy market.
The oil price seems to maintain the support level around $92. It is noteworthy that this level is compatible with past peaks and coincides with the short-term trend.
Under current conditions, the oil price is holding on to an important support zone and the trend remains upward.
It is considered that positioning in the options market also indicates the possibility of higher prices. This table shows that developments in the energy sector may have an impact on the markets in the coming period.
On the other hand, technical breaks in stock markets are also closely monitored. The S&P 500 index gave a remarkable signal by falling below the 200-day average, which has been followed for a long time. This may indicate that the risk aversion tendency may become stronger.
There is a possibility that the possible weakness in stocks will also be reflected in the crypto market. This connection in the global financial system reveals that Bitcoin and other digital assets are guided not only by their own dynamics but also by macro developments.
