Oil Ensures Bitcoin Fails to Reclaim $70,000 Yet Again

Bitcoin erased its latest trip to $70,000 as Middle East tensions and the closure of the Strait of Hormuz sparked a broad asset sell-off. Data from TradingView tracked a 3.2% drop, bringing $66,000 back into focus as oil volatility pushed risk markets lower. Global equities weakened, with the S&P 500 and Nasdaq Composite down about 2% after the Wall Street open, while gold also fell and targeted the $5,000 area.

The market reaction left BTC unable to hold key trend lines, keeping prices firmly below the $70,000 level. Market commentators flagged the risk of a prolonged conflict. “The market is beginning to price-in a longer war,” wrote The Kobeissi Letter, and Material Indicators cofounder Keith Alan said bulls had “failed to muster any momentum,” citing the loss of the 2021 top and the 21-Day SMA.

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