Analysis: Bitcoin remains above $67,000 without panic selling; under oil price shocks, the crypto market may see a bullish reversal

Odaily Planet Daily reports that despite the Middle East situation triggering a surge in oil prices, Bitcoin remains around $67,000, with no signs of panic selling, indicating the market may have bottomed out. Analyst Brian Brookshire pointed out, “When the market is under pressure, Bitcoin not falling is one of the strongest signals of a bottom.” Early Monday during Asian trading hours, WTI Crude Oil briefly rose to $119 per barrel, reaching a new high since Russia’s invasion of Ukraine in 2022. Iraq warned that due to threats from Iran against tankers in the Strait of Hormuz, global daily oil production of about 3 million barrels could be affected. The Kobeissi Letter analysis noted that this is “the largest oil supply shock in history,” with a daily loss of nearly 20 million barrels of oil supply. The surge in oil prices has heightened global inflation concerns, leading markets to expect that the Federal Reserve will almost not cut interest rates in 2026. Polymarket data shows a roughly 99% probability that the Fed will keep rates unchanged on March 18, with only about a 27% chance of a 25 basis point cut. Keeping rates steady usually tightens financial conditions, boosts the dollar, and puts short-term pressure on Bitcoin. Technically, although BTC/USD was rejected at the $74,000 resistance level, it still recorded its “first positive weekly candle in 7 weeks” and formed an “inverted hammer” pattern, possibly indicating a potential bullish reversal. Nic, founder and CEO of CoinBureau, stated that this price movement signals a “potential bullish signal” for the market. (Cointelegraph)