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Bitcoin Price Jumps Above $70,000 After Oil Shock, On-Chain Data Points to New Support Zone

Bitcoin price steadied this week after a burst of volatility tied to tensions in the Middle East and a surge in oil prices. As of this morning, the bitcoin price is around $70,000 after being above $71,000 in early trading. 

The turbulence began over the weekend when disruptions near the Strait of Hormuz pushed crude oil above $100 per barrel. Risk assets across global markets reacted to the shock.

Bitcoin price fell alongside equities during the initial sell-off, sliding into the mid-$60,000 range before finding support.

The pullback triggered a wave of on-chain activity. Blockchain data from Glassnode shows nearly 600,000 BTC changed hands between $60,000 and $70,000 during the correction, equal to more than $40 billion worth of bitcoin. Over 200,000 BTC of that volume appeared in the last two weeks alone.

The shift created a dense ownership cluster in that range. In total, about 1.558 million BTC last moved between $60,000 and $70,000, up from roughly 997,000 BTC at the start of the year.

Analysts say this concentration could form a key support zone because a large group of holders now shares a similar cost basis.

Checkonchain data also shows that about 60% of circulating bitcoin currently sits in profit, leaving around 40% of holders with an average purchase price above $70,000. The mix highlights the uneven distribution of entry points after bitcoin’s rapid climb earlier in the year.

Institutional flows continued to shape market structure during the volatility. U.S. spot bitcoin exchange-traded funds recorded roughly $568 million in net inflows last week after five weeks of outflows. The products now hold more than $55 billion in cumulative net inflows since their launch, according to data from SoSoValue.

Market maker Enflux said the bitcoin price held up well relative to other assets during the initial energy-driven risk-off move. The firm noted that the asset stabilized in the mid-$60,000 range even as oil spiked and equities dropped.

Macro developments shifted again Monday after comments from U.S. President Donald Trump suggested the conflict with Iran could end sooner than expected. Oil prices fell from weekend highs and equity markets reversed earlier losses, which helped lift risk assets across the board.

While macro forces drove short-term trading, a separate development in capital markets drew attention across the crypto industry yesterday. 

Nasdaq announced plans to launch tokenized stocks through a partnership with Payward, the parent company of crypto exchange Kraken. The initiative will distribute blockchain-based versions of public equities through Kraken’s xStocks platform.

The framework aims to tokenize both stocks and exchange-traded products while preserving existing shareholder rights and corporate governance structures. Kraken will serve as a distribution partner and settlement layer for the tokenized assets.

Nasdaq expects the system to launch in the first half of 2027, pending regulatory approval.

Also yesterday, Strategy said they spent a whopping $1.28 billion to buy 17,994 more bitcoin last week, raising its total holdings to 738,731 BTC worth about $50 billion at current prices.

At the time of writing, Bitcoin is near $69,400.

This post Bitcoin Price Jumps Above $70,000 After Oil Shock, On-Chain Data Points to New Support Zone first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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