Bitcoin surged above $80,000 on Friday as concerns over global oil supplies pushed US bond yields higher and triggered a sharp move across cryptocurrency markets.
Bitcoin (BTC) gained around 6% during the start of Wall Street trading, reaching an intraday high of approximately $81,034 on Bitstamp. The rally also triggered significant short-position liquidations, with nearly $250 million in crypto short positions liquidated within four hours, according to CoinGlass data.
The move came as global markets continued to monitor disruptions to oil supplies. US WTI crude briefly fell to around $94.80 per barrel before recovering toward $98. The International Energy Agency warned that prolonged restrictions on Gulf oil supplies could lead to higher prices and weaker demand if commercial inventories continue to decline.
Oil supply concerns also contributed to renewed pressure on US Treasury yields. The 30-year US Treasury yield climbed to 5.34% during the session, adding to a broader trend of rising bond yields that has influenced central bank policy in several major economies.
Bitcoin’s latest rally has brought the cryptocurrency back above its True Market Mean, which Glassnode estimates at around $76,660. The level represents the aggregate cost basis of coins acquired on secondary markets and is being viewed as an important indicator of Bitcoin’s current market structure.
However, traders are watching the $82,000 level closely. Analyst Rekt Capital identified it as a key resistance zone, with a failure to break above it potentially creating a double-rejection pattern similar to the one seen after Bitcoin’s rebound in May.
Bitcoin’s corporate treasury cost basis is currently estimated at around $80,500, adding another important reference point as BTC trades near the upper end of its recent range.
