Bitcoin hits $81K as US bond yields rebound on global oil woes

Bitcoin advanced sharply at the start of US trading on Friday, climbing through $80,000 and touching approximately $81,034 on Bitstamp, according to TradingView data. The move accompanied a wider risk-on repricing linked to renewed worries over global oil supplies, which pressured markets and coincided with a rebound in US long-term yields.

Data from CoinGlass showed the rally put pressure on a cluster of short positions, resulting in roughly $250 million of cross-crypto short liquidations over about four hours. Market observers noted that the breakout revisited resistance zones first encountered during BTC's mid-May rebound, creating an important technical test for bulls.

Commodity dynamics were central to the wider market moves: WTI crude briefly dropped to $94.80 per barrel before climbing back toward $98 during the Asia session. The International Energy Agency warned that constrained flows through the Strait of Hormuz and depleted emergency stocks could force further cuts in consumption or higher prices if supply remains restricted; the IEA estimated August flows through Hormuz at 7.6 million barrels per day, well below pre-crisis levels.

Higher oil-related uncertainty coincided with rising US yields, with the 30-year Treasury yield reaching about 5.34% on the day, up roughly 90 basis points. Traders and analysts flagged that Bitcoin’s short-term trajectory hinges on breaking the next key level near $82,000; failure to clear that mark could form a double-rejection pattern based on recent price action, an outcome highlighted by analyst Rekt Capital. On-chain metrics showed BTC returned above its True Market Mean, around $76,660, while corporate treasury cost-basis sits near $80,500, underscoring the importance of the current price range for market participants.