Bitcoin Climbs Toward $72,000 as Oil Retreats From $100 High

Treasury Secretary “Bessent” Sparks Crypto Rally

Bitcoin’s upward movement followed Bessent’s social media announcement outlining steps taken by the Trump administration to stabilize crude markets.

"To increase the global reach of existing supply, the U.S. Treasury is providing temporary authorization to permit countries to purchase Russian oil currently stranded at sea", Bessent wrote on X.

He further described the recent spike in crude prices as temporary, stating:

"The temporary increase in oil prices is a short-term disruption that will ultimately deliver massive benefits to our nation and economy in the long term".

Earlier in the session, West Texas Intermediate crude had surged nearly 10% to approach $100 per barrel following attacks on oil tankers in the Middle East, raising fears of supply disruptions. After Bessent’s announcement, crude prices eased slightly to around $95.39 per barrel.

Bitcoin Shows Resilience During Geopolitical Tensions

Despite ongoing tensions linked to the conflict with Iran, digital assets have demonstrated relative strength compared with traditional markets. Bitcoin, in particular, has attracted renewed investor interest after months of selling pressure earlier this year.

The cryptocurrency had previously dropped to roughly half of its all-time high above $126,000 reached last October, before beginning a gradual recovery.

Institutional demand is also returning: U.S. listed spot Bitcoin ETFs are on track for a third consecutive week of net inflows, the longest streak since July, attracting around $529 million so far this week, according to Bloomberg.

As of press time, the total net asset value of Bitcoin spot ETFs stood at $90.47 billion, with an ETF net asset ratio of 6.45%, and a cumulative net inflow of $55.956 billion. This data underscores the ongoing strong institutional interest in Bitcoin, complementing the broader market recovery.

Technical Outlook: Key Resistance Levels Ahead

Market analysts identify the $72,000 level as Bitcoin’s next major resistance zone. The cryptocurrency recently broke above a bullish flag pattern with resistance at $70,500 on the hourly chart, signaling renewed momentum.

Technical indicators are moderately supportive of further gains: the hourly MACD is trending upward in the bullish zone, and the relative strength index (RSI) remains above the neutral 50 level.

If Bitcoin sustains a close above $72,000, analysts suggest it could rise toward $73,200, with the next potential resistance levels near $74,000 and $75,000.

Conversely, downside risks persist if the cryptocurrency fails to hold current support levels. Immediate support is observed near $70,400, followed by the psychological level of $70,000. A deeper decline could push Bitcoin toward $68,800 or even $67,250 in the near term.