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

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