Bitcoin Slips Below $70,000 as Iran-Related Tensions and Oil Prices Rise

Bitcoin’s price action in mid-March was repeatedly tied to energy-market shocks and escalating Iran-related tensions, with multiple outlets describing a risk-off mood that pulled crypto lower.

“Bitcoin reverses from $79,500 as oil surge triggers broader crypto selloff BTC fails at $80,000 and drops 2% as rising oil prices weigh on sentiment with altcoins leading losses across a volatile session”

@coindesk

CoinDesk reported that “Bitcoin reverses from $79,500 as oil surge triggers broader crypto selloff,” saying BTC “fails at $80,000 and drops 2% as rising oil prices weigh on sentiment.”

@coindesk

The same CoinDesk account linked the move to Brent crude, stating “Brent crude hit $107” and tying that to developments “tied to U.S.-Iran tensions,” while also noting the selloff began “around 23:00 UTC” with “the opening of U.S. equity and CME bitcoin futures.”

Bloomberg’s Arabic-language counterpart said Bitcoin “slips below $70,000 as energy prices rise,” adding that “The world’s largest cryptocurrency fell 2.4% to $69,508 on Thursday.”

Al Ain News framed the pressure as a combination of macro data and oil, saying Bitcoin “plunges to $71,000 amid inflation fears and rising oil prices” and that it was “down more than 3% over 24 hours.”

Across the accounts, the common thread was that oil volatility and geopolitical escalation moved alongside crypto, with each outlet anchoring the story to specific price levels and percentage moves.

CoinDesk placed the selloff’s timing around market open in the United States, describing a volatile session in which bitcoin spiked and then reversed.

It said “Bitcoin spiked up to $79,500 before reversing,” and that “the selloff accelerating after BTC failed to break the $80,000 level.”

Benzinga

The outlet described the start of the move as “around 23:00 UTC with the opening of U.S. equity and CME bitcoin futures,” and then said “By 05:30 UTC, the price began falling after it failed to break above the $80,000 level, dropping 2% in an hour.”

CoinDesk also connected the decline to oil reaching a specific milestone, stating “The decline occurred as oil reached its highest level since the ceasefire between the U.S. and Iran began.”

Bloomberg’s account described a different but related leg of weakness, saying Bitcoin “fell 2.4% to $69,508 on Thursday” and that “Cryptocurrencies broadly retreat as Ethereum and Solana fall about 6%.”

Al Ain News described a separate intraday path, saying Bitcoin “fell from over $74,000 at the start of the day to a low just above $71,000,” and that the decline “began before the release of the US Producer Price Index.”

Beyond spot price, CoinDesk described derivatives positioning and liquidation flows that it said amplified the move, while Bloomberg’s account emphasized institutional inflows into spot Bitcoin funds even as prices slid.

CoinDesk reported that “Nearly $300 million in crypto futures bets have been liquidated in the past 24hours,” adding that “Most of these have been bearish short plays.”

It also said “Open interest (OI) in XRP futures rose by nearly 2.5% in 24 hours,” and that “The OI touched a one-week high of 1.82 billion XRP,” alongside “negative perpetual futures funding rates.”

CoinDesk included a caution from analysts, stating “persistent negative funding rates in BTC are mainly due to institutions hedging their bullish exposure in related markets and do not represent an outright bearish bet on the market.”

Bloomberg’s account, meanwhile, said “Inflows into Bitcoin funds exceed $750 million for the third week despite weak momentum and ongoing selling pressure near $70,000.”

Al Ain News tied the market pressure to inflation expectations, stating “The Producer Price Index rose to 3.4%,” and that “reducing the odds of a swift rate cut by the Federal Reserve.”

The sources also included named executives and market analysts linking bitcoin’s direction to macro decisions and the continuing influence of oil.

Bloomberg quoted Daniel Reis Faria, CEO of ZeroStack, saying “Bitcoin usually falls after the FOMC decision, but this time it could be different,” and he added, “Because of that, we may see a contrary reaction this time.”

Al-Ain Al-Ikhbariyah

Reis Faria identified oil as the key variable, saying “The only uncertain factor is oil,” and concluding, “If oil prices keep rising, that weighs on the broader market and could make it hard for Bitcoin to sustain this momentum.”

Bloomberg also quoted Hanson Berenger, managing director at Flow Desk, saying “The market shifted to risk-off after reports of an Israeli attack on Iran’s Pars oil facility,” and adding, “We are seeing weakness in the cryptocurrency market as well, alongside a broader tech stock sell-off.”

In contrast, The Independent Arabic framed a rebound narrative tied to ETF inflows, saying “Bitcoin continues to rise amid rising geopolitical tensions and oil prices near $100 per barrel,” and quoting Richard Galvin, co-founder of the hedge fund DACM, who said “the digital markets have shown some strength as stock futures recover.”

The Independent Arabic also included a warning from Damian Lo, chief investment officer at Ericsenz Capital, who said “the $75,000 level could represent a significant resistance area unless markets see a strong revival of risk appetite.”

While CoinDesk and Bloomberg’s account emphasized declines and risk-off dynamics, The Independent Arabic highlighted resilience and renewed institutional inflows, and the divergence shaped how each outlet described what mattered most.

“The cryptocurrency market has seen sharp volatility, with Bitcoin down more than 3% over 24 hours, pressured by US economic indicators and higher oil prices due to tensions in Iran, which have heightened concerns about energy crises”

Al-Ain Al-Ikhbariyah

CoinDesk focused on a selloff mechanism, saying BTC “fails at $80,000 and drops 2%,” with altcoins “leading losses,” including “LDO dropping 17%,” and it described volatility returning “Monday” as “bitcoin The move began around 23:00 UTC.”

Andbndnt Al-Arabiya

Bloomberg’s account similarly stressed downside pressure, stating “Bitcoin slips below $70,000 as energy prices rise” and that “Cryptocurrencies broadly retreat as Ethereum and Solana fall about 6% in tandem with oil volatility and geopolitical tensions.”

Al Ain News framed the same period as a volatility spike driven by inflation fears and oil, saying “Bitcoin down more than 3% over 24 hours” and linking the move to “Producer Price Index rose to 3.4%.”

The Independent Arabic, however, presented a counter-narrative, saying “Bitcoin” Rises Despite Tensions and Rising Oil Prices,” and describing “relative resilience” as Bitcoin “rose by about three percent to briefly exceed $72,482.”

It attributed the rebound to ETF flows, saying “investment inflows into U.S.-based Bitcoin-linked exchange-traded funds resume after months of selling,” and it quantified the improvement as “attracting about $583 million this week,” while also warning that “the $75,000 level could represent a significant resistance area.”