Bitcoin rebounds to $70K as easing Middle East tensions and oil price pullback lift crypto sentiment
Synopsis
Bitcoin has rebounded towards $70,000, gaining nearly 3.50% in a day, as easing Middle East tensions and a pullback in oil prices boost crypto sentiment. Major altcoins also saw significant gains, with the global crypto market capitalization rising to $2.38 trillion. Analysts note Bitcoin’s resilience and supportive institutional flows.
Bitcoin has rebounded towards $70,000 registering a growth of nearly 3.5% in the past one day as easing Middle East tensions and oil price pullback lift crypto sentiment. The cryptocurrency was trading at $69,951 mark on Tuesday.
In the past 24 hours, Ethereum gained 2.5% to trade near $2,043 level. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Cardano, and Hyperliquid gained over 11%.
Also Read | Quant Mid Cap Fund adds ICICI Bank, Paytm and 2 others, exits Escorts Kubota and GMR Airports
Crypto TrackerTOP COINS (₹) Bitcoin6,431,352 (3.13%)BNB59,235 (2.23%)XRP127 (1.94%)Ethereum187,870 (1.51%)Tether92 (-0.15%)Crypto markets have witnessed a sharp rebound over the past 24 hours, with Bitcoin rising roughly 4-5% from the $65,000 region to trade close to $70,000 which appears to be largely driven by a combination of short liquidations, improving global risk sentiment after indications of easing geopolitical tensions in the Middle East, and a pullback in crude oil prices following a brief surge above $100 per barrel, said Riya Sehgal, Research Analyst, Delta Exchange.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »From a technical standpoint, if Bitcoin holds above 70000, a move toward the $71,000–$73,000 resistance band could unfold. Ethereum is also showing strengthening momentum after defending support around $1,900, Sehgal added.
Live Events
The global crypto market capitalisation went up 3% to $2.38 trillion, according to .
Bitcoin has now crossed 20 million in circulating supply, with only a million left to be mined. The crypto market cap climbed $60 billion in the past 24 hours, recovering to $2.32 trillion, said CoinDCX Research Team
In the past week, Bitcoin and Ethereum were up 2.72% and 2.18% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, and Hyperliquid gained over 3%.
Nischal Shetty, Founder, WazirX said Bitcoin has climbed modestly from the $67,000 range to trade around $70,000, as markets indicate optimism on the token touching its current resistance levels twice in the last one week.
The recovery comes despite continued macro headwinds, crude oil price fluctuations and equity markets under pressure. There’s a slight recovery from last week’s geopolitical-driven selloff following US-Israeli strikes on Iran, Shetty further said.
Also Read | Silver, gold ETFs jump up to 7% on weaker dollar after Trump signals possible end to Mideast war. Should you invest now?
What other analyst say
CoinSwitch Markets Desk
BTC climbed back to around $70K after briefly falling to $65K, helped by cooling oil prices that eased broader market concerns. Traders are now watching key liquidity zones, with support forming near $68K and potential resistance between $70K and $72K, which could guide the next move.
Vikram Subburaj, CEO, Giottus
This is read as a tentative recovery after the volatility seen earlier in the week. The market continues to move within a relatively narrow consolidation band. Immediate support appears clustered between $68,000 and $68,500.
Institutional flows have also turned supportive. Spot Bitcoin exchange-traded funds have seen around $1.7 billion in net inflows since late February. This reversed a stretch of outflows that lasted roughly four months. For the March 8-10 period, flows contributed to a weekly net inflow of about $568 million.
Akshat Siddhant, Lead quant analyst, Mudrex
Bitcoin is showing strong resilience despite the profit booking over the weekend. While the equity markets and gold have been under pressure due to the uncertainty in oil prices, BTC has rebounded to the $70,000 level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and twitter handle
