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On-chain analyst Darkfost said Brent crude trading above $100 a barrel is creating a macroeconomic backdrop that is unfavorable for Bitcoin. Rising oil prices, driven by tensions in the Middle East and expanded Ukrainian attacks on Russian refining facilities, are increasing inflation pressure across production costs and service prices.
According to the analysis, Bitcoin has historically tended to lose momentum when Brent posts strong gains above its annual average. By contrast, Bitcoin has often recovered when oil prices fall sharply. In July, Bitcoin rebounded as upward pressure on oil prices temporarily eased, but Brent has since surged again. Darkfost said capital rotation across markets could still extend Bitcoin’s advance, but current macro conditions are unfavorable for fresh liquidity inflows.