As BTC recovered the $70,900 mark, 'oil prices' were identified as the factor that will determine BTC's next direction. According to CoinDesk, Bitfinex analysts stated, "If oil prices maintain a 15-16% decline, the timing of the Fed's interest rate cut could be brought forward. This could be a structurally positive factor for risk assets, including BTC. Currently, around $72,000, approximately $6 billion worth of leveraged short positions are concentrated, and if this level is broken, BTC's price could rise to as high as $80,000 due to a short squeeze chain reaction." However, the media added, "Geopolitical uncertainties remain high, so if the Strait of Hormuz is completely blockaded, oil prices could rise again," and "The next two weeks will be a turning point for BTC's direction."
