WTI crude coils in a pennant — and its breakout will set bitcoin's tone
- —Oil is up 80% this year, with WTI near $102
- —An upside break above $105.50 opens the way to $117–119
- —Bitcoin's 30-day correlation is 0.64 with Nasdaq 100 and -0.47 with oil
- —Iran is reportedly budgeting for $130-a-barrel oil next year
Why it matters: The direction of oil's breakout will shape inflation expectations and risk appetite, and therefore bitcoin's path over the coming weeks.
Source: Cryptonews.net