Bitcoin Holds Above $78K as Oil Surge Pressures Crypto

Bitcoin remained slightly above $78,000 during Asian trading on Thursday, falling roughly 1% over the previous 24 hours as broader cryptocurrency markets faced heavier selling pressure.

Dogecoin led losses among major cryptocurrencies, sliding more than 5%, while BNB dropped around 4% and XRP declined 3%. Ether, Solana and Hyperliquid’s HYPE fell between 1% and 3%, leaving ETH just below $2,475 and SOL near $102. Tron bucked the trend, gaining less than 1% to approximately $0.34.

Despite the pullback, Bitcoin recently produced a potentially bullish technical signal. Its 50-day moving average crossed above the 200-day moving average on Tuesday, forming a so-called “golden cross.” FxPro analysts noted that similar signals in October 2024 and May 2025 failed to generate meaningful rallies. However, they said the latest setup more closely resembles 2019, when Bitcoin surged about 90% in less than two months following the crossover.

Macro pressures remained a key obstacle for crypto and other risk assets. Brent crude climbed close to $102 per barrel in Asian trading after Iran signaled readiness for a more intense conflict, raising concerns that higher energy prices could fuel inflation and keep interest rates elevated.

The U.S. 10-year Treasury yield remained near 4.85%, its highest area since late 2023. Investors were disappointed after the U.S. government announced plans to purchase up to $6 billion in longer-dated debt, below expectations for a larger intervention.

Asian equities also weakened, with the MSCI Asia Pacific Index falling nearly 1%. Markets in Japan, South Korea, Taiwan and Australia declined after the S&P 500 and Nasdaq 100 finished lower on Wednesday.

Meanwhile, the U.S. dollar index remained around 98, while currency traders watched the Japanese yen and Canadian dollar closely.

Markets are now focused on Friday’s U.S. Consumer Price Index report. A hotter-than-expected CPI reading could revive expectations for a Federal Reserve rate hike, potentially adding fresh pressure to Bitcoin, cryptocurrencies and global risk assets.