Bitcoin (CRYPTO: BTC) surged past its 50-day moving average as improving macro sentiment and potential Venezuela-driven oil supply shifts fuel a risk-on rally, though analysts warn the setup may not yet be “coiled” for a major breakout.

What Happened: CNBC’s MacKenzie Sigalos on Monday attributed the latest crypto rebound to improving macro sentiment.

Traders are betting that political shifts involving Venezuela could boost global oil supply, pushing energy prices lower, easing inflation pressures, and lifting risk assets like crypto.

Bitcoin reclaimed its 50-day moving average, signaling improving short-term momentum, while a weekend rally triggered a wave of short liquidations.

Benzinga