Rising oil prices hit Bitcoin as analysts warn $60,000 retest

Oil surge and Middle East tensions hit crypto. Analysts warn of a deeper risk-off in Bitcoin until geopolitics cool.

Caution is rising across markets as sentiment weakens. Recent readings show investors turning defensive, pressuring risk assets and crypto according to sentiment trackers.

Analysts link the sell pressure to the US–Iran conflict and higher oil. BTC Markets’ Rachel Lucas said price action is choppy as headlines shift in The Block. She flagged geopolitics as a key driver amid tensions.

She noted a sharp swing last week. Price spiked to $72,000 on hopes of diplomacy, then faded as oil supply fears returned. A “risk‑off unwind” followed into safer assets.

The Strait of Hormuz risk lifted inflation fears. That reduces odds of near-term Fed cuts and tightens financial conditions, adding pressure on crypto per analysis.

Market veteran Jeff Mei stays bearish while oil stays high. He sees slower growth, higher energy costs, and room for another leg down. A retest of $60,000 is possible before any durable recovery per Mei, with oil dynamics a key headwind in prior episodes.

Bearish calls cluster at $60,000. Bernstein also cites that zone as a floor before a projected $150,000 in the next cycle per their note.

Retail is cautious. Activity has cooled as traders hedge or wait for clarity per market data. The Bitcoin Fear & Greed Index sits near neutral per CFGI.

The broader crypto gauge shows extreme fear. Majors like Bitcoin, Ethereum, and Dogecoin have kept sliding, denting confidence across the market.

Headline: Oil surge pressures Bitcoin; $60k retest flagged by analysts