Bitcoin Rebounds as Trump Eases Russian Oil Sanctions

Bitcoin traded above $84,000 on October 12, recovering despite U.S.-listed spot bitcoin exchange-traded funds recording $681 million in outflows last week. This marked the largest weekly withdrawal since June.

The recovery coincided with a 1.8% drop in WTI oil futures to $90.28. The price decline followed an announcement by Donald Trump that the U.S. administration reached an agreement for Russia to supply 300,000 metric tons of diesel fuel to markets, which partially eased U.S. sanctions on Russian oil imports.

Trump claimed that Russia and Ukraine had agreed to an "energy ceasefire" to halt strikes on infrastructure. However, officials from the Cabinet of Ministers of Ukraine denied being consulted and reported that Russian strikes on the Ukrainian energy grid have continued.

Market analysts identify $82,000 as a key support level for Bitcoin. Investors are now looking toward U.S. inflation data due October 14 as the next major market catalyst.