On Friday, Bitcoin rebounded above $71,000 after previously breaking below $70,000 due to oil supply disruptions in the Strait of Hormuz. Brent crude oil prices had touched $119 per barrel, triggering over $500 million in cryptocurrency liquidations. Analysts warned that if the Strait of Hormuz remains closed long-term, oil prices could reach $200 per barrel, which could cause the Federal Reserve to maintain high interest rates for an extended period—a scenario considered unfavorable for cryptocurrencies. Prediction market data shows a 63% probability of oil prices rising to $120 per barrel, while the probability of Bitcoin reaching $84,000 has dropped to 51%.