2023-06-15 07:33:04
Although Bitcoin has had a bit of a tough time in recent days and weeks, looking at its performance since the beginning of the year, it has consistently shown significant strength once morest the energy sector, especially crude oil.
Specifically, the price of Bitcoin expressed as a barrel of West Texas Intermediate (WTI) crude oil rose by more than 85% on an annual basis and stands at 383.5 BTC/barrel, according to the Glassnode blockchain analysis platform on June 13 in a tweetben from his shared findings.
According to the platform’s analysts, such an advance of the crypto sector’s flagship compared to crude oil indicates that the value of Bitcoin has increased significantly compared to the price of energy. However, there is still room for growth. Glassnode experts noted that “the current value is 63.5% off the high of 1049.4 BTC/barrel that it managed during the strong bull market in 2021.”
Bitcoin exchange rate analysis
At the time of writing, Bitcoin is trading at $25,974, down 1.98% over the previous five days and a 3.59% loss since the beginning of the month.
Meanwhile, Bitcoin is copying a chart pattern from 2016, which was already drawn once before the start of the “mega bull run” and following the impact of the Covid-19 pandemic in 2020. This indicates that there is a high chance that another bull market may follow.
On the other hand, WTI crude oil was at $69.85 per barrel at the time of writing, up 0.72% from the previous day, but down nearly 5% over the past week and regarding 3% over the past 30 days produced a loss, according to data from Investing.com.
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