Bitcoin Surges with 'Buy' Signal as Oil Prices Rise Amid Middle East Conflict

The recent price surge of Bitcoin has generated a 'buy' signal, according to technical indicators. This comes as the cryptocurrency broke out of a consolidation range and recorded significant inflows from US investors through exchange-traded funds linked to it.

On the other hand, oil prices have risen due to the ongoing conflict in the Middle East. Brent crude futures have surged about 22% this week, marking the largest increase since May 2020. This has sparked concerns about a global energy crisis and pushed up demand for safe-haven assets like the US dollar.

The US dollar is also on track for its biggest weekly gain in over a year due to increasing demand for safe-haven assets. The dollar index rose more than 0.1% on Friday, maintaining gains for a second consecutive session while trading near its highest level in four months.