(1) Oil price rises that drive the cost of a barrel of Brent crude to $120 could hurt Bitcoin’s chances of staging a recovery to October’s $126,000 all-time highs.

(2) “Oil doesn’t hit Bitcoin directly; it works through a chain of macro variables,” Jonatan Randin, Senior Market Analyst at the crypto exchange PrimeXBT, told DL News. “Oil sets the inflation tone, the inflation tone shapes the path to interest rate cuts, which in turn determines crypto liquidity. Right now, that chain is working against Bitcoin.”