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Bitcoin price records massive increases relative to crude oil

Bitcoin price records massive increases relative to crude oil

Although Bitcoin (BTC) has been going through a bit of a rough patch in recent days and weeks, at the same time, it has been steadily demonstrating significant strength against the energy sector, particularly crude oil, since the beginning of the year.

Specifically, the price of Bitcoin denominated in barrels of West Texas Intermediate (WTI) crude oil has increased by over 85% year-to-date (YTD) to stand at 383.5 BTC per barrel, according to the findings of the blockchain analytics platform Glassnode shared in a tweet on June 13.

Bitcoin price per Barrel of WTI Crude Oil. Source: Glassnode

As per the platform’s analysts, such price advance of the flagship decentralized finance (DeFi) asset compared to crude oil indicates that the value of Bitcoin has been increasing relative to the price of energy. That said, there is still room for growth, as the platform noted that “the current value remains -63.5% below the ratio’s peak of 1049.4 BTC / BBL experienced across the 2021 primary Bull Market.”

Bitcoin price analysis

As things stand, Bitcoin is currently changing hands at the price of $25,988, demonstrating a decrease of 1.39% in the last 24 hours, as well as declining 3.21% across the previous seven days and losing 5.02% on its monthly chart, as per data retrieved on June 14.

Bitcoin 24-hour price chart. Source: Finbold

Meanwhile, Bitcoin has been imitating a chart pattern from 2016 that had occurred right before the beginning of a “mega bull run” and then on a smaller scale following the Covid-19 crash in 2020, indicating the same could happen again, as Finbold reported on June 13.

On the other hand, the WTI Crude price at press time amounted to $69.85 per barrel, recording an increase of 0.72% compared to the previous day but nearly a 5% decrease over the past week and around a 3% loss across the last 30 days, as per data.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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