Bitcoin Leads Recovery as Ether, XRP Lag Amid Oil Price Decline

• Bitcoin recovered to $70,850 Friday after slipping to an overnight low of $68,900.
• Ethereum and XRP each posted a lower price, trailing behind Bitcoin.
• The S&P 500 closed below its 200-day moving average Thursday for the first time since May 2025.

Bitcoin recovered to $70,850 at press time after sliding to an overnight low of $68,900, as falling oil prices lifted sentiment across crypto markets. The world’s largest cryptocurrency gained 1% on the day. Elsewhere, Ethereum and XRP posted losses of less than 1%, trailing Bitcoin’s recovery.

Specifically, Ether fell by 0.2% over 24 hours, trading at $2,164, with a market capitalization of approximately $261 billion and a daily trading volume of $23.64 billion. In the past month,   Ethereum has seen a 7.4% gain.

On a longer-term note, Ethereum’s Market Value to Realized Value ratio dropped into the 0.8 to 1.0 range, a zone that has historically preceded significant recoveries. Analyst Ali Martinez called it a long-term accumulation opportunity for investors with a 12- to 24-month time horizon, though the asset’s near-term direction remains tied to Bitcoin dominance and broader market conditions.

Meanwhile, XRP market cap stood at $89.08 billion, with 24-hour volume of $2.26 billion and a circulating supply of 61.28 billion tokens out of a maximum of 100 billion. Trading at $1.46, the token is down only slightly, similar to Ethereum. However, it posted a 1.7% loss on the monthly timeframe. 

G6 Nations Move to Stabilize Oil Supply

Bitcoin’s minimal recovery comes as Britain, France, Germany, Italy, the Netherlands, and Japan issued a joint statement on Friday, committing to steps to secure energy supply through the Strait of Hormuz. 

The statement, released through the U.K. Prime Minister Keir Starmer’s office, condemned recent attacks by Iran and called on Tehran to halt its actions immediately. 

Following the announcement, West Texas Intermediate crude fell nearly 2% to $93.80 per barrel on the news. Brent crude recorded similar losses.

U.S. Treasury Secretary Scott Bessent had earlier added further relief on Thursday, saying Washington may lift sanctions on Iranian oil tankers and could release crude from its Strategic Petroleum Reserve to ease market pressures. 

Analysts at Mott Capital Management noted that WTI continues to hold a key support area around $92.00 and that positioning in the oil options market points to the possibility of further upside.

Earlier this week, the Federal Reserve flagged heightened uncertainty over both growth and inflation. Traders responded by trimming expectations for near-term interest rate cuts. That backdrop has kept Bitcoin and broader crypto markets sensitive to macro developments, particularly oil price swings, rather than trading on their own fundamentals.

Bitcoin’s Chart Flashes Caution

Bitcoin’s Relative Strength Index sat at 51, showing a neutral sentiment. The asset also traded below its 50-hour moving average of $72,664, pointing to a selling momentum. Analysts are watching $65,800 as a critical support level. 

That level marks the lower boundary of Bitcoin’s current price channel. A break below it would signal a return of bearish control and could open the door to a deeper decline. Bitcoin is already down 8.54% from its $76,000 peak on March 17. 

Stocks Pressure Risk Appetite

Equity markets added to the headwinds. The S&P 500 closed below its 200-day simple moving average on Thursday for the first time since May 2025, a development analysts view as a bearish shift in momentum. 

The Dow Jones Industrial Average fell 0.7%, the S&P 500 dropped 0.9%, and the Nasdaq declined 1.3%. Jack Ablin of Cresset Capital said rising energy costs and ongoing global uncertainty will stay at the center of investor concern in the near term.

Related: Oil Prices vs Bitcoin: Is There a Hidden Correlation in Global Markets?