Bitcoin Holds Above Key Technical Level as Oil Prices Slide and Asian Markets Rally

Bitcoin (BTC) traded slightly higher on Monday, supported by falling oil prices and stronger performance across Asian stock markets. The world’s largest cryptocurrency climbed around 0.4% to trade near $77,200 during early trading hours, according to CoinDesk market data. BTC also managed to stay above its closely watched 50-day simple moving average near $76,940, a technical level many crypto analysts consider important for confirming bullish momentum.

The broader cryptocurrency market also posted modest gains. XRP and Solana (SOL) each advanced more than 0.6%, while Ethereum (ETH) added roughly 0.4%. Despite the rebound, these major altcoins continued trading below their own 50-day moving averages, signaling weaker technical strength compared to Bitcoin.

Global financial markets reacted positively after crude oil prices extended their sharp decline. Futures linked to West Texas Intermediate (WTI) crude dropped over 5% to approximately $91 per barrel after falling from highs above $104 reached last week. Asian equities responded with strong gains, as Japan’s Nikkei surged nearly 3%, India’s Nifty index climbed more than 1%, and Australia’s S&P/ASX 200 edged higher.

Investor sentiment improved following reports that negotiations to reopen the Strait of Hormuz were nearing completion. The strategic shipping route previously handled more than 20% of global oil flows before tensions between Iran and the United States escalated earlier this year.

U.S. Secretary of State Marco Rubio stated that a potential peace agreement with Iran could be finalized soon, though uncertainty remains. Analysts warned that continued outflows from spot Bitcoin ETFs could still pressure the crypto market. Over the past two weeks, ETF products reportedly recorded more than $2 billion in withdrawals, raising concerns about institutional demand.

Market experts noted that Bitcoin’s ability to maintain gains will depend on whether ETF outflows slow and whether geopolitical tensions continue easing in the coming days.