Oil approaches $120, Bitcoin holds at $76,000

Oil approaches $120, Bitcoin holds at $76,000
Oil approaches $120, Bitcoin holds at $76,000

Dynamics of oil quotes in 2026

Currently, the price of the Brent grade is holding in the range of $105–106 per barrel. We believe that the $120 level is a completely realistic point, as oil has already traded at such heights this year.

If we review the chronology of events in 2026, in March, after the start of the war with Iran, the Brent and WTI indices exceeded the $100 mark for the first time since 2022, approaching $120. At the end of April, Brent reached $126. In June, a price drop to approximately $74 was observed, and now it has settled again at the $105 level. The market situation is extremely sensitive to news: a shift from optimism regarding negotiations to panic can occur after a single headline. Indeed, on November 1, the price fell by 7% on rumours of peace, and on November 2, a surge occurred following reports of strikes.

Cryptocurrency situation and investment outflows

Cryptocurrencies move with stocks, not against them. As of today, Bitcoin is worth approximately $76,500, showing a 2% decline over the day and almost 3.6% over the week.

On November 2, $398.6 million flowed out of US spot Bitcoin ETFs. The fund IBIT from BlackRock suffered the largest losses, with $405 million withdrawn. On October 30, an outflow of $643 million was recorded, which is the highest single-day figure since June. Investors are concerned about the US Congressional elections, which are taking place today, as well as the upcoming employment report scheduled for November 6.

Key technical levels for Bitcoin

Our view on the levels is as follows: $76,000 is currently strong support. As long as the price holds above this mark, small rebounds upwards are possible. In the event of a break below this level, the next barrier will be the $71,000–$72,000 zone. Between these points are intermediate levels: $75,000 and the 50-week moving average, which is located near $75,600.

General market scenario

The overall picture for financial markets remains gloomy. Institutional funds are reducing positions in the technology sector, oil prices are rising, and crypto assets are losing investment capital. When these factors combine, investors should consider not so much finding cheaper assets to buy, but rather their risk tolerance in the event that oil really reaches $120 and Bitcoin drops to $71,000 simultaneously.

The market bills the cost of war in advance. Those who waited for peace are the ones paying.

Comments

No comments yet. Be the first!

Leave a comment

Links are not allowed in comments. The editors may remove comments without explanation.
Back to top ↑