Bitcoin seeks support above $81K as Brent crude oil hits seven-month high

Bitcoin seeks support — Bitcoin dipped below $81,000 on Friday, October 23, 2026, as a surge in oil prices and a decline in US stocks pressured risk assets, with traders watching for the cryptocurrency to reclaim a key technical level.

BTC/USD briefly fell to $80,988 at the start of the US trading session before recovering to around $81,600. The move coincided with Brent crude oil hitting $116 per barrel, its highest level since March, amid heightened geopolitical tensions in the Middle East. Major US stock indices, including the S&P 500 and Dow Jones, opened lower.

Analysts highlighted Bitcoin’s struggle to hold its 50-day simple moving average, then at $81,781. Keith Alan, co-founder of Material Indicators, suggested that a failure to close above that level could lead to a support test between $78,000 and $80,000.

The oil price surge, described by economist Robin Brooks as incorporating a “huge risk premium,” occurred despite data showing oil flows through the Persian Gulf approaching pre-war levels for many nations. Meanwhile, the yield on the 10-year US Treasury note remained below 5%.