Bitcoin is moving steadily around $70k. Recently, the International Energy Agency announced it would release the largest-ever stockpile of oil, causing crude prices to drop significantly. It’s quite unusual for Brent crude to fall below $90 per barrel.

The impact on the cryptocurrency market is quite significant, as falling oil prices alleviate inflation concerns and signal a potential rate cut by the Federal Reserve. In fact, Bitcoin rose to $71,612 on Tuesday evening, then traded near $70,036 on Wednesday morning. It has increased about 2.5% over the week, with an 8.5% move from the low of $66,000 to the high within two days.

Market analysts see $70k as a key support level and $73,000 as resistance. Interestingly, since late February, Bitcoin has been forming consistently higher lows, which some interpret as a sign of renewed buying within the range. However, whether this level can be maintained remains uncertain.

Meanwhile, news also emerged that SpaceX holds about 8,285 Bitcoin. Its current value is roughly $600 million, and it has reportedly been holding these since mid-2024. Ethereum is up 2.8% weekly, trading near $2,034, while Solana remains weak at around $86.

The next major event is the Federal Reserve meeting in mid-March. If oil prices stabilize, concerns about stagflation may ease somewhat, but the market will react strongly depending on the signals the Fed gives. The correlation between Bitcoin and the S&P 500 remains at about 0.78.