"Oil prices dropping to $85.90 changes the inflation outlook significantly. With core CPI at 2.6%, the Fed faces a weaker inflation case, potentially allowing for rate cuts."
"Bitcoin has traded with roughly 85% correlation to the Nasdaq during oil spikes this year. When pressure eases, crypto is often the first asset to attract investment."
"If BTC holds above $78,000, $80,000 becomes the next target. Above that, $82,500 would confirm the end of the downtrend, with $85,000 as the next major target."
The Strait of Hormuz carries 20% of the world's oil supply, impacting oil prices and Bitcoin. Oil dropping below $90 changes the inflation outlook, potentially allowing for rate cuts. March's CPI was driven by energy costs, but lower oil prices could lead to reduced inflation readings. Bitcoin has a strong correlation with oil prices and could rise to $80,000 if it holds above $78,000. The market often gravitates towards psychological levels, making $80,000 a realistic target if oil remains low.
Read at 24/7 Wall St.
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