Bitcoin Reclaims $79,000 as Brent Oil Holds Above $108 Amid Geopolitical Tensions

Bitcoin reclaimed the $79,000 level on May 3 as traders balanced improving crypto market structure against elevated Brent crude prices and geopolitical uncertainty. BTC pushed above $79,000 but faced rejection near the $80,000 resistance zone. Brent crude held around $108.17 per barrel after a volatile week driven by U.S.-Iran tensions and speculation over the Strait of Hormuz, according to X data.

Higher energy prices keep inflation elevated and limit the Federal Reserve's room to cut interest rates, creating macro headwinds for risk assets like Bitcoin. On the technical side, Bitcoin holds support between $74,000 and $76,000, with $80,000 as the main resistance. A sustained break above $80,000 could open the path toward $84,000.