Bitcoin rose sharply late Thursday and held gains into early Asian trading on Friday as oil prices steadied near $100 a barrel and markets reacted to comments from US Treasury Secretary Scott Bessent aimed at calming energy markets.
The cryptocurrency briefly climbed above $72,000 after Bessent said the US government would temporarily allow purchases of Russian oil stranded at sea, a move intended to increase supply and ease pressure on global energy markets.
Bitcoin was trading around $71,395 after rising as much as 2.6%, while US stock index futures also pointed modestly higher.
Bessent comments trigger crypto rally
Bitcoin’s move higher came shortly after Bessent posted on social media that the Trump administration was taking steps to stabilize oil markets.
“To increase the global reach of existing supply, the US Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Bessent wrote in an X post.
He also suggested the recent surge in crude prices should be viewed as temporary.
“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term.”
Oil had surged earlier in the session, climbing nearly 10% to approach $100 per barrel after attacks on oil tankers in the Middle East heightened fears of supply disruptions.
Following Bessent’s remarks, West Texas Intermediate crude pulled back slightly and was trading around $95.39 per barrel.
Bitcoin gained 2.8% in the last 24 hours at the time of writing.
Crypto shows resilience during geopolitical turmoil
Despite ongoing tensions tied to the conflict with Iran, digital assets have shown relative resilience compared with traditional markets.
Bitcoin has been attracting renewed investor interest after months of selling pressure earlier this year.
The cryptocurrency had previously fallen to roughly half of its all-time high above $126,000 reached in October before beginning a gradual recovery.
Institutional demand has also returned to the market.
US-listed spot Bitcoin exchange-traded funds are on track for a third consecutive week of net inflows, the longest streak since July.
According to Bloomberg data, the ETFs have attracted about $529 million in inflows so far this week.
Technical outlook points to key resistance
Market analysts say Bitcoin’s next major test lies near the $72,000 level, which represents an important resistance zone.
Bitcoin recently broke above a bullish flag pattern with resistance at $70,500 on the hourly chart, signaling renewed momentum.
Technical indicators remain moderately supportive of further gains.
The hourly MACD is gaining pace in the bullish zone, while the relative strength index remains above the neutral 50 level.
If Bitcoin manages a sustained close above $72,000, analysts say the price could rise further toward the $73,200 level, with the next potential resistance near $74,000 and $75,000.
However, downside risks remain if the cryptocurrency fails to maintain its current support levels.
Immediate support is seen near $70,400, followed by the key psychological level of $70,000.
A deeper decline could push Bitcoin toward $68,800 or even $67,250 in the near term.