Oil is back near $90, so why is Bitcoin still above $66,000?
Brent crude spiked to $91.42 before easing on ceasefire hopes, while Bitcoin held above $65,000 and later reached $66,313. The market is treating the oil jump as temporary, with traders expecting diplomacy, restored tanker traffic, or extra supply to push Brent lower. That matters because sustained higher oil prices feed into inflation, then Treasury yields, the dollar, and Fed policy—typically a headwind for Bitcoin, which yields nothing. Fed research suggests a persistent 10% real oil-price rise adds modest but meaningful inflation pressure. July Fed rate odds still favor no change, but September pricing is firmer. ETF inflows have recently supported Bitcoin. If Brent falls back below $80, Bitcoin may keep holding; if Brent stays above $90 for weeks and yields and the dollar rise, Bitcoin’s support could weaken.
