Bitcoin’s recent rally could face new risks if volatility in oil and commodity markets spreads to equities, according to Bloomberg Intelligence commodities strategist Mike McGlone.
McGlone said geopolitical tensions involving Iran have driven swings in crude oil and precious metals that could increase broader financial market volatility and weigh on cryptocurrencies.
“The bottom line for these highly volatile risk assets to go up is Nasdaq volatility,”
McGlone said, adding that rising volatility in equities would likely be negative for crypto markets.
He warned that Bitcoin remains in a broader bear market and needs to hold above roughly $74,000 to maintain its recent momentum.
According to McGlone, a move toward the $64,000 range could act as the next key resistance level if prices weaken.
Meanwhile, oil markets have surged amid concerns about potential disruptions in the Strait of Hormuz, with Brent crude rising about 10% to around $80 per barrel.
Despite the risks, some analysts say Bitcoin’s breakout above the $70,000 level signals renewed buying pressure that could push prices toward resistance near $78,125 if bullish momentum continues.
At the time of reporting, Bitcoin price was $71,251.28.