Bitcoin price reclaimed the $79,000 level as traders weighed improving crypto market structure against continued pressure from elevated Brent crude prices and geopolitical uncertainty.
BTC price pushed above $79,000 but again faced rejection near the $80,000 resistance zone. The move came as Brent crude traded around $108.17 per barrel after a volatile week driven by U.S.-Iran tensions, the closure of the Strait of Hormuz, and speculation over ceasefire talks.
Oil remains a key macro factor for Bitcoin because higher energy prices can keep inflation elevated and limit the Federal Reserve’s room to cut interest rates. That backdrop has kept risk assets sensitive to both commodity prices and central bank expectations.
Brent Oil Price Adds Macro Pressure
Brent crude closed near $108.17 after falling about 2.02% on May 1. The benchmark had traded between $106.23 and $112.45 during the session and remains more than 76% higher than a year ago.
Prices briefly surged as high as $126 earlier in the week as supply concerns increased around the Strait of Hormuz. The waterway remains central to global oil flows, and any disruption can raise inflation expectations across major economies.
OPEC+ also announced a modest production increase of 188,000 barrels per day. However, analysts continue to point to a supply deficit, with Barclays raising its 2026 Brent forecast to $100 per barrel.
For Bitcoin, elevated oil prices create a mixed setup. On one side, inflation concerns can reduce demand for risk assets. On the other, persistent macro stress can strengthen interest in scarce digital assets if liquidity conditions later improve.
Bitcoin Price Holds Support After $80K Rejection
Bitcoin’s short-term chart shows price holding above a key support zone between $74,000 and $76,000. This area has acted as a demand region where buyers have repeatedly stepped in.
The $80,000 level remains the main resistance. A clean reclaim and hold above that zone would increase the chance of a move toward $84,000, where traders are watching a CME gap.
Source: X
Above $84,000, the next major resistance sits near $90,000. However, failure to hold the $74,000 to $76,000 support zone could open the way back toward $70,000. A deeper pullback could bring the $66,000 to $67,000 area into focus.
Bitcoin is currently moving inside a consolidation range after its recent rebound. The structure remains constructive while higher lows hold, but momentum needs confirmation above $80,000.
BTC RSI and On-Chain Signals Point to Key Test
Monthly technical analysis shows Bitcoin may have completed a larger correction cycle. The RSI structure has followed a pattern of impulsive rallies followed by roughly 12 monthly bars of pullback and momentum reset.
A similar setup appeared during the 2021–2022 correction. In the current structure, RSI broke its trendline, retested it, then moved lower to reset overbought conditions across the past year.
That reset has coincided with Bitcoin forming higher lows after the corrective phase. Some analysts view this as evidence that a macro bottom may already be in place.
Source: X
On-chain data also shows Bitcoin approaching an important market structure test. The short-term holder MVRV has formed lower highs even as Bitcoin printed higher price peaks during this cycle. A sustained move above the short-term holder realized price, along with MVRV stabilizing above 1.0, would show recent buyers moving back into profit.
Until that happens, the MVRV trendline remains a ceiling rather than confirmed support. Traders are watching whether Bitcoin can reclaim $80,000 while oil prices remain elevated and macro uncertainty persists.
Please note, this site provides content for entertainment purposes only and does not offer financial advice. Read more here
