Bitcoin climbed back above $85,000 on Monday, extending its recent recovery, while Brent crude fell nearly $100 a barrel for a fourth consecutive session as markets responded to signs of easing geopolitical tensions and stronger energy flows through the Strait of Hormuz.
Bitcoin's rebound comes amid renewed institutional demand. Bitcoin-focused exchange-traded funds recorded $433.03 million in inflows on Friday, taking weekly flows into positive territory at $6.21 million. However, September's cumulative inflows of $313.63 million remain well below the $3.52 billion recorded in August.
The cryptocurrency has now moved above the $82,850 level, a previous May high, as buying momentum strengthened. Market technical indicators also point to increased upward momentum, although Bitcoin's relative strength index has moved to around 71, a level associated with an increasingly stretched market.
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Brent crude, meanwhile, fell to $100.19 per barrel on September 21 at 4:10 PM (IST), down around 3.68% from the previous session. The decline marks the fourth straight fall for the benchmark as traders assess whether diplomatic efforts could help reduce the disruption to Middle Eastern energy supplies.
US President Donald Trump said he would probably be open to meeting Iranian President Masoud Pezeshkian during the UN General Assembly in New York this week. Qatar's prime minister has also called for greater regional cooperation, while US Central Command chief Admiral Brad Cooper said oil and LNG shipments through the Strait of Hormuz had reached their highest level in six months over the past two weeks.
Also Read | Brent Spikes To $110/Barrel As Saudi East-West Pipeline Goes Out Of Service For 'Several Weeks'
Despite the recent decline, Brent remains up 10.52% over the past month and 53.03% from a year earlier.
For Bitcoin, the next closely watched level is around $90,000, while traders continue to monitor institutional ETF flows and broader regulatory developments in the US.
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