Bitcoin jumps to $81K as US long-term yields rise amid renewed oil supply concerns

The useful part

Bitcoin (BTC) jumped past $80,000 around Friday's Wall Street open as fuel-crisis woes spread through global markets. Bitcoin gained 6% on Friday as concerns about oil supply saw US bond yields reverse higher. BTC price momentum now faces the familiar resistance levels first encountered in May.

How it works

• Bitcoin adds to bull-market hopes as price metric prints fourth-ever bullish cross A chart uploaded to X showed $82,000 as a key level for BTC/USD to break though.
• "That puts price back above a crucial level and back into a bullish regime," onchain analytics platform Glassnode told X followers on Friday.
• Cointelegraph/TradingView A cluster of short positions above the spot price came under fire as a result.
• CoinGlass US WTI crude fell to lows of $94.8 per barrel, only to begin climbing again during the Asia trading session.
• Cointelegraph/TradingView In a report on Friday, the International Energy Agency (IEA) warned that countries may have no choice but to cut usage.

What to take from it

Gulf producers oil exports, February-August 2026 (millions of barrels/day). Cointelegraph/TradingView Earlier, Cointelegraph reported on rising yields in multiple nations forcing central banks to raise interest rates — a move seen in both the US and Japan this week. Bitcoin price faces key breakout test next Commenting on low-time frame BTC price action, trader and analyst Rekt Capital said that bulls now faced a "moment of truth." Related:

Example or evidence

• Rekt Capital on X.com Bitcoin's latest upside saw it reclaim its True Market Mean, the aggregate cost basis of all coins acquired on secondary markets, which currently sits at $76,660.
• The cost basis for Bitcoin's corporate treasuries, meanwhile, lies at $80,500, further reinforcing the significance of the current local range.

Details worth keeping

Crypto markets liquidated $250 million in short positions over four hours. Source: IEA US bond yields once again rose amid the oil uncertainty. The US 30-year yield reached 5.34% on the day, up 90 basis points.

Related coverage

• Cointelegraph: Bitcoin traded near $83,200 as Fed hike odds reached about 75% and Treasury prepared a $6 billion buyback of long-dated bonds.
• Cointelegraph: Bitcoin price action consolidated after early-week losses while protecting a "trend-defining" support zone.
• Cointelegraph: Bitcoin briefly rebounded past $79,000 and US stocks turned green as US CPI inflation data met expectations.
• Cryptoslate: BTC slipped back below $84,000 after briefly topping $85,000 following August PCE data, while oil recovered and gold eased.
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