starts a new week in volatile territory, with news of an oil supply cut delivering a choppy start.Still caught at major historical resistance, BTC/USD delivered an unappetizing weekly close on news of oil production cuts.A subsequent rebound may show bulls’ mettle, but the question for analysts is what happens next. Will oil prices dictate market moves or can Bitcoin break through $30,000?Under the hood, the picture is as rosy as ever, with network fundamentals due to hit new all-time highs this week while dormant supply is also increasing.Cointelegraph looks at Bitcoin markets as the world digests the latest move from The Organization of the Petroleum Exporting Countries plus 10 other oil-exporting countries (Opec+).A key event over the weekend, which is now upending macro conditions, is a decision to cut global oil output.Opec+ has announced voluntary cuts in production totaling 1.65 million barrels per day, and the impact was felt immediately, with the U.S. dollar rising alongside energy costs.A classic headwind for risk assets, including crypto, the U.S. Dollar Index (DXY) traded above 102.7 at the time of writing, up from April lows of 102.04.“Eyes on DXY this morning.... This bounce could be just a gap fill as I spoke about last week. I was waiting for this fill,” popular trader Crypto Ed reacted, uploading an explanatory chart to Twitter.