Bitcoin Price (BTC) Plumbing Six-Month Lows and Higher Oil Prices Suggest Further Pressure

Fibo Quantum

At the margin, higher oil prices lead to higher prices at the pump, which lead to higher inflation readings and thus higher interest rates. To the extent that interest rate instruments compete with risk assets for capital, the news on oil in the short term could be considered bearish for bitcoin prices, i.e. Why buy bitcoin when 30-day T-bills offer 5% interest?

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