The Bitcoin worth has prolonged its decline right this moment, dropping beneath the psychological $67,000 stage. This comes as oil costs surge to a 2-year excessive, with Iran transferring to shut the Strait of Hormuz amid escalating tensions with the U.S. and Israel.
Bitcoin Price Falls Below $67,000 as Oil Prices Rise To $85
TradingView data exhibits that the main crypto has fallen beneath $67,000, down over 3% from an intraday excessive above $68,000. This follows the surge in Brent oil costs, with crude oil rising to $85 per barrel, the very best stage since May 2024.
As CoinGape reported, the Bitcoin worth had dropped beneath $68,000 earlier within the day as U.S. President Donald Trump signaled that they’d sufficient stockpiles to win the conflict towards Iran, regardless of how lengthy it takes. As such, merchants at the moment are pricing in the potential for the conflict lasting longer than a month, as Trump had earlier predicted.
A chronic U.S.-Iran conflict may proceed to ship oil costs hovering, which is adverse for danger property like BTC. Iran has already ordered the closure of the Strait of Hormuz, a serious oil export chokepoint. Furthermore, Iraq, a key oil producer, has suspended oil manufacturing on the Rumaila oil discipline, the world’s second-largest oil discipline.
As CoinGape reported, former U.S. Treasury Secretary Janet Yellen warned that the Iran conflict may trigger inflation to rise, a growth which she famous will additional delay price cuts. The delay in price cuts may create additional draw back for the Bitcoin worth and the broader crypto market.
However, BitMEX co-founder Arthur Hayes said that an prolonged U.S.-Iran conflict raises the probability of extra price cuts. He alluded to historical past, noting that the Fed has all the time reduce charges and printed extra money amid each main geopolitical pressure.
The $70,000 Level Remains A Ceiling For BTC
On-chain analytics platform Glassnode famous that the $70,000 stage stays a ceiling for the Bitcoin worth. Bitcoin rose to $70,000 yesterday however confronted vital promoting stress, which sparked a decline to a every day shut of round $68,000.
🔄UPDATE:
The $70k ceiling holds!
Feb 19 → Feb 25 → Mar 03, 02:00 UTC.
Each time the 12HR-SMA of Net Realized P&L spiked above $5M/hr, worth stalled and reversed on the $69.4k vary excessive. This area continues to cap each restoration try. The asymmetry displays the… https://t.co/gvgxoU5tGi pic.twitter.com/qOMPjJKYIT
— glassnode (@glassnode) March 3, 2026
Glassnode famous that every time the 12HR-SMA of Net Realized revenue and loss spiked above $5 million per hour, worth stalled and reversed on the $69,400 vary excessive. “This region continues to cap every recovery attempt. The asymmetry reflects the fragility of the current demand structure,” the platform defined.
Glassnode additional said that the $70,000 stage will stay a ceiling and never a ground for the Bitcoin worth till this stage of profit-taking could be absorbed with out triggering a rejection.
