Bitcoin Falls Below $66K as Oil Supply Fears Trigger Inflation Concerns

Bitcoin dipped below the $66,000 level at the Friday Wall Street open as risk assets weakened following renewed oil-supply concerns. The decline came after Iran closed the Strait of Hormuz, intensifying fears of restricted oil flows and pushing markets into a cautious stance. Data showed Bitcoin falling nearly 4% on the day, placing March on track to become its sixth consecutive month of losses.

The Kobeissi Letter warned in a post on X;

Rising oil prices have increased pressure on US inflation expectations, creating turbulence in the bond market. The 10-year Treasury yield climbed to its highest level since the conflict began, complicating efforts by the Federal Reserve to control inflation while labor-market conditions remain weak. Market sentiment shifted rapidly, with expectations moving from potential rate cuts to the possibility of extended policy pauses or even rate hikes.

Traders Watch $70K as Critical Resistance

Market analysts identified $70,000 as a key resistance level after Bitcoin lost support near $68,000. Technical patterns indicate a possible move toward the $64,000–$65,000 demand zone unless price strength returns above resistance levels.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.