Bitcoin

Although Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) 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 <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> 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 <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> analytics platform Glassnode shared in a <a href="https://twitter.com/glassnode/status/1668570743842435072" rel="noopener noreferrer nofollow">tweet</a> on June 13.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d815a63649fa46869be29a7c1e08956c.jpg" />Bitcoin price per Barrel of WTI Crude Oil. Source: <a href="https://twitter.com/glassnode/status/1668570743842435072" rel="noopener noreferrer nofollow">Glassnode</a>As per the platform’s analysts, such price advance of the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) 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 <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">Bull Market</a>.”<h2 id="header-0">Bitcoin price analysis</h2>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.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/fd7bb8ac8576496ea9a68243523e3755.png" />Bitcoin 24-hour price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Meanwhile, Bitcoin has been imitating a <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart pattern</a> 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 <a href="https://finbold.com/bitcoin-repeats-pattern-from-2016-suggesting-mega-bull-run-on-the-horizon/" rel="noopener noreferrer nofollow">reported</a> 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 Investing.com <a href="https://www.investing.com/commodities/crude-oil-streaming-chart" rel="noopener noreferrer nofollow">data</a>.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin price records massive increases relative to crude oil

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