比特币价格在7万美元附近波动，分析人士指出，美元走强以及油价波动给风险资产带来了压力

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Bitcoin eyed the $70,000 marker after it initially retreated for a fourth consecutive trading session following Sunday’s daily close as investors navigate a volatile macro environment marked by surging oil prices, geopolitical tensions in the Middle East, and a strengthening U.S. dollar.

The largest cryptocurrency recently traded near $69,350, according to The Block’s price page, after slipping toward the mid-$60,000 range earlier.

BTC’s latest price action followed last week’s attempt to break above the $74,000 resistance zone, which ultimately failed to hold. Analysts say the latest decline reflects shifting capital flows and a broader risk-off tone across global markets.

"Bitcoin has recorded four consecutive declining sessions after failing to sustain its upward momentum above the key resistance zone near $74,000," said Linh Tran, senior market analyst at XS.com. "This suggests the previous bullish momentum has weakened as the market begins to face headwinds from both capital flows and the broader macroeconomic environment."

Oil spikes

The price action unfolded alongside dramatic moves in energy markets. Crude oil initially surged as geopolitical tensions intensified across the Middle East, briefly climbing above $110 per barrel amid fears of supply disruptions.

Momentum reversed sharply hours later after reports that G7 countries were considering releasing up to 400 million barrels of crude from strategic reserves, triggering one of the largest intraday reversals in oil prices in recent memory.

The turbulence rippled through global markets, pushing equities lower and fueling demand for the U.S. dollar as investors sought liquidity and safety.

BTC resilience

According to a note from QCP Capital, the dollar has become the primary defensive asset during the latest bout of volatility, supported by rising yields and the United States’ position as a net energy exporter.

Yet, excerpts argued that bitcoin has still performed relatively well given global conditions. Following the initial drop, BTC is now up some 2% on the day and has added over $80 billion to its market cap in the last few hours alone.

"Despite broad-based weakness in risk assets amid heightened market stress, BTC has been notably resilient," QCP analysts said, adding that derivatives positioning suggests traders are bracing for continued volatility rather than a sharp directional move.

Flows into crypto investment vehicles have also sent mixed signals. Bitcoin’s rally earlier this month was fueled by strong institutional demand, with spot bitcoin ETFs attracting roughly $1.145 billion in inflows during the first three trading sessions of March.

That momentum faltered briefly when net outflows of $348.8 million were recorded on March 6, highlighting how quickly institutional sentiment can shift.

Even so, broader weekly data points to renewed demand. Bitcoin-based investment products attracted hundreds of millions of dollars in inflows last week, extending a rebound that ended a multi-week outflow streak.

Research from BRN suggests the market may now be entering a transition phase rather than a sustained downturn. "ETF flows have begun to stabilize while macro volatility remains elevated," said Timothy Misir, head of research at BRN. "Institutional demand appears tentative but no longer aggressively distributing."

Onchain activity also hints at changing behavior among investors. Roughly 32,000 BTC have recently been withdrawn from exchanges, a pattern often interpreted as funds moving into longer-term storage rather than preparing for near-term trading, per Misir’s note.

Macro tension

Still, macro conditions remain the dominant driver.

Multiple analysts say rising energy prices risk reigniting inflation just as economic data signals cooling growth. The latest U.S. employment report showed payrolls unexpectedly declining, while wage growth remained firm — a combination that complicates the Federal Reserve’s policy outlook.

For crypto markets, that environment has created a delicate balance between risk aversion and longer-term accumulation.

"If bitcoin can maintain consolidation above the key support zone near $60,000, it could open the door for a medium-term recovery," Tran said. "But if that level fails, the market may need to establish a new equilibrium closer to $50,000 before another sustained advance."

For now, analysts say the market sits at a crossroads: liquidity is still thin, leverage subdued, and sentiment cautious. Yet, early signs of accumulation suggest the next directional move could depend heavily on macro developments in the weeks ahead.

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