Will an increase in the price of a barrel of oil raise BTC as well?


Bitcoin (BTC) has in fact given upbeat signals to investors since the start of this week, leading to thinking that the rise will eventually come. The particularly harsh rise seen on the evening of April 2 prompted BTC to break even the $ 7,200 resistance on many cryptocurrency exchanges.

Although the leading cryptocurrency later declined to $ 6,900, both its trading volume in the spot market and its trading volume in the futures market continued to signal that the rise could come. In addition, there is change in the oil crisis, which is one of the developments that has upset all markets.

Will Bitcoin Follow Oil?

The price of crude oil, which has fallen to its lowest levels in recent years, has risen as high as 24% in a matter of days. The fact that bitcoin dipped below $ 8,000 just after the oil market slumped 30% led BTC to believe that this rise would also benefit BTC.

If the market situation improves and the cycle returns to its former state, can Bitcoin return to its old price level again? In fact, oil prices and Bitcoin have shown in recent weeks that they have a similar price relationship, but BTC's performance in recent days heralds something different. BTC, which lost a significant value on March 12 as investors panicked, was slowly beginning to prove that it was a safe asset. The rises seen yesterday and today are also known as signals of this.

It is now seen as highly likely that investors will invest in other assets rather than BTC if the market returns to its old and good state. Still, there are many investors waiting for the market to improve and aiming to make BTC investments.