Rising Oil Prices and Their Impact on Global Inflation Expectations

The global financial markets have been affected by the recent surge in oil prices, which is largely attributed to the risks associated with shipping through the strategic Strait of Hormuz. This waterway is a crucial conduit for the world's oil exports, and any disruption in this area can lead to significant fluctuations in global commodity prices. According to the U.S. Department of Defense, primarily the Pentagon, efforts to clear the strait of any blockades or threats could extend over six months. Such prolonged uncertainties further exacerbate the already volatile commodity markets, impacting various risk assets, including equities and cryptocurrencies.

 

Institutional Demand for Bitcoin Persists Amid Market Volatility

Despite prevailing concerns in commodity markets, institutional interest in Bitcoin remains robust. Notably, by April 20, spot Exchange-Traded Funds (ETFs) experienced continuous inflows over five days with substantial daily trading volumes, reaching approximately $238 million. Meanwhile, Strategy (formerly known as MicroStrategy) undertook its largest Bitcoin acquisition since late 2024, buying 34,164 BTC valued at $2.54 billion. However, experts at CryptoQuant have observed a trend where the current price movements are largely influenced by the perpetual futures market, whereas spot market demand is on the decline. This scenario mirrors market conditions seen in January before the price correction from $98,000, suggesting possible vulnerability in the existing market setup.

 

Bitcoin's Chart Patterns and Price Movements

Since October 2025, Bitcoin has been oscillating within a descending parallel channel. This technical pattern saw its lower boundary being challenged in February 2026 as prices dropped to around $60,000 amidst significant trading volumes, often characteristic of a selling climax. From this nadir, the market commenced a recovery phase, and in the first half of April 2026, Bitcoin prices successfully breached the upper boundary of this channel, sustaining levels beyond it.

 

Key Support and Resistance Levels: Technical Indicators

With the recent price movements, Bitcoin has ascended past the upper limit of a horizontal volume zone, which is positioned between $65,000 and $73,000—a range that had encapsulated the bulk of trading activities in preceding months. Consequently, this volume zone now lies beneath the current trading levels. Analysts identify $90,000 as the immediate resistance level, with $63,000 offering support. The Relative Strength Index (RSI), embellished with moving averages, shows levels of 64, 61, and 56, suggesting continued buying pressure as it surpasses both ascending moving averages. Notably, the vertical trading volumes in the latest sessions are deemed moderate, lacking any significant acceleration in market momentum.

 

Summary: A Tilt In Favor of Buyers

The recent shift of the horizontal volume zone beneath prevailing price levels indicates a structural inclination favoring buyers. The RSI’s position above its moving averages endorses this bullish bias, although trading volumes have yet to demonstrate a robust acceleration in price momentum. The trading range demarcated by resistance at $90,000 and support at $63,000 is likely to frame the forthcoming evolution of Bitcoin's market structure.

 

Trading Opportunities with FXOpen

At FXOpen, traders can access some of the most popular cryptocurrency CFDs, such as Bitcoin and Ethereum. Featuring floating spreads and a leverage ratio of 1:2, these instruments are accessible to enhance trading opportunities albeit with potential additional charges. Prospective traders can open accounts or delve deeper into understanding crypto CFD trading through resources offered by FXOpen.

 

*Please note that at FXOpen UK, Cryptocurrency trading via CFDs is restricted to Professional clients. Such instruments are not offered to Retail clients. If you require additional insights or wish to ascertain how these terms may affect your trading, feel free to consult our team.

 

This article embodies the perspective held by the entities within the FXOpen brand only and should not be interpreted as an offer or solicitation for the products and services provided. Furthermore, it should not be treated as personalized financial advice.