Bitcoin Holds Firm as $90 Oil, Rising Yields Pressure Stocks and Gold

The headwinds hitting bitcoin are not landing, even as they weigh on major traditional assets. That relative strength, however, could still be tested by the resilient Dollar Index.

Futures tied to WTI oil have topped $90 and are up nearly 9% for the week, as of this writing, according to data from TradingView. A higher oil price means more inflation and less room for the Fed to cut interest rates.

Longer-duration government bond yields across the advanced world continue to surge on fiscal concerns. The U.S. 10-year yield, which influences borrowing costs in the economy, has climbed 10 basis points to 4.81%, its highest level since 2023. That can tighten financial conditions and discourage risk-taking in the economy and in financial markets.

Both developments are rattling stock markets. Wall Street’s S&P 500 index fell for a third straight trading day on Monday, reaching a four-week low. Asian stocks are lower as of this writing, with the oil rally posing macro risks for energy-importing nations.

Gold has also fallen sharply, dropping from $4,700 per ounce to $4,300 per ounce in less than a week.

Bitcoin, by contrast, has remained steady. The follow-through to Friday’s 3% drop to just under $77,000 has been weak at best, leaving prices choppy between $76,000 and $80,000, according to CoinDesk data. In a market where higher yields and tighter financial conditions often hit speculative assets first, that lack of downside follow-through is drawing attention.

A market that holds up in the face of headwinds is often seen as showing strength. One interpretation is that rising bond yields are being driven by fiscal concerns rather than economic growth, which could boost demand for hard assets such as bitcoin that sit outside the fiat financial system.

Whatever the explanation, $BTC’s price action is offering some encouragement to bulls. Still, the Dollar Index (DXY) remains a challenge as it looks to extend last week’s nearly 1% gain to 99.67. For bitcoin, a stronger dollar can matter because the two have historically tended to move in opposite directions, especially when macro stress lifts demand for cash and reserves.

A closer look at the DXY chart shows the index hovering near a key bullish trendline drawn from the 2011 lows. A bounce from that support could increase demand for the greenback.

Historically, $BTC has had an inverse relationship with the dollar.

Trendlines are widely watched, and that attention can make them self-fulfilling. Because many traders draw the same diagonal support and resistance levels on their charts, those lines become reference points for entries, exits, and stop-losses. When price approaches a trendline, the collective reaction — buying near support and selling near resistance — often moves the market in the expected direction, reinforcing the line’s validity.