Rising oil price (momentarily) stops Bitcoin’s bullrun

Bitcoin is facing significant resistance around the $80,000 level and bounced off just before breaching it on Monday, primarily due to the renewed rise in oil prices, which are trading above $100 per barrel again.

On the broader stock market, the Chinese refusal of a takeover by Meta of one of the newest Chinese AI companies stood out.

$80,000

Crypto winter appears to be over after Bitcoin continued a very strong month of April. However, as predicted, the $80,000 hurdle is proving quite difficult to cross as there are still quite a few sellers waiting there. Bitcoin therefore dove again on Monday morning after briefly trading above $79,000 during the Asian session.

The fact that oil prices are rising anew after President Donald Trump refused to participate in a second round of peace talks with Iran is also putting downward pressure on the Bitcoin price.

Lastly, it was striking to see that the Chinese government refused to allow the American company Meta to acquire one of their AI startups, named Manus, for 2 billion dollars. This demonstrates that the Chinese will likely be less willing in the future to allow certain companies to be bought up by Western investors. The refusal puts pressure on the meeting between Chinese leader Xi Jinping and US President Donald Trump, which takes place in a few weeks.