Bitcoin reached a 12-week high of $79,488 during European trading on Monday before retreating to around $77,000 as oil prices surged. The cryptocurrency fell approximately 1.5% over 24 hours, with Ethereum and XRP also declining by about 3%. The CoinDesk 20 Index dropped 2%, reflecting broader market caution. The rise in oil prices, with Brent crude surpassing $107 per barrel, contributed to Bitcoin's reversal. Analysts noted that short-term holders took profits between $78,000 and $79,000, countering institutional buying pressure. The global cryptocurrency market cap stands at $2.68 trillion, with sentiment remaining cautious. This week, market focus shifts to major tech earnings and central bank meetings, which could influence further market movements. The performance of Alphabet, Meta, Microsoft, and Amazon, alongside central bank decisions, will be pivotal in determining the market's direction.
Bitcoin Retreats from 12-Week High Amid Rising Oil Prices
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