Analyst: Brent crude oil surges 10% in two days, negative correlation with Bitcoin may re-emerge

CoinFeed July 9 news, CryptoQuant analyst Darkfost pointed out that after Trump announced the end of the ceasefire, Brent crude oil prices surged about 10% in two days. He said that oil prices breaking through the annual moving average usually signals the arrival of an economic stress period (rising inflation, falling production, slowing growth). Darkfost analysis says that Bitcoin, as a risk asset, has an inverse correlation with oil prices in the long-term timeframe: when Brent oil prices start to rise, Bitcoin bull trends often slow down; conversely, when oil prices fall, investor risk appetite rises, benefiting risk markets. The current sharp rise in oil prices is happening during a difficult period for Bitcoin, with BTC still holding the key level of $60,000.