Analysis: Bitcoin Holds Firm at $67,000 Without Panic Selling; Crypto Market May See Bullish Reversal Amid Oil Price Shock

Odaily News Despite the surge in oil prices triggered by the Middle East situation, the price of Bitcoin has remained around the $67,000 range without panic selling, indicating the market may have bottomed out. Analyst Brian Brookshire pointed out, "When the broader market is under pressure, Bitcoin not falling is one of the strongest signals of a bottom." At the start of Asian trading on Monday, WTI Crude Oil briefly rose to $119 per barrel, hitting a new high since Russia's invasion of Ukraine in 2022. Iraq warned that approximately 3 million barrels per day of global crude oil production could be affected due to Iran's threats to oil tankers in the Strait of Hormuz. The Kobeissi Letter analysis noted that this situation represents "the largest oil supply shock in history," with daily losses nearing 20 million barrels of crude oil supply. The surge in oil prices has intensified global inflation concerns, leading markets to expect almost no interest rate cuts from the Federal Reserve in 2026. Data from Polymarket shows the probability of the Fed keeping rates unchanged on March 18 is about 99%, with only about a 27% chance of a 25 basis point cut. Maintaining unchanged rates typically tightens financial conditions, boosts the US dollar, and exerts short-term pressure on Bitcoin. Technically, despite facing resistance at the $74,000 level, BTC/USD still recorded "its first positive weekly candle in 7 weeks" and formed an "inverted hammer pattern," potentially hinting at a bullish reversal. Nic, founder and CEO of CoinBureau, stated that this price action brings a "potential bullish signal" to the market. (Cointelegraph)