Analysts: Oil prices are key to BTC's next move

With Bitcoin having reclaimed the $70,900 level, analysts are pointing to oil prices as the decisive factor for its next move. According to CoinDesk, analysts at Bitfinex noted that if oil prices maintain a 15-16% decline, the Fed could advance its timeline for interest rate cuts. This would be a structural positive for risk assets, including BTC. They added that with approximately $6 billion in leveraged short positions concentrated around the $72,000 mark, a breakout above this level could trigger a chain reaction of short liquidations, potentially pushing the price as high as $80,000. However, the report also highlighted that significant geopolitical uncertainty remains. A complete blockade of the Strait of Hormuz could cause oil prices to surge again. CoinDesk concluded that the next two weeks will likely be a turning point for Bitcoin's direction.