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Bitcoin Magazine

Bitcoin Price Slides Below $70,000 as Oil Spikes, Fed Hold Tightens Financial Conditions

Bitcoin price fell below the $70,000 level on Thursday, pressured by a surge in energy prices and a steady stance from the Federal Reserve that reinforced a stronger dollar and dampened appetite for risk assets.

The largest cryptocurrency traded near $69,500, extending losses from the prior session as crude oil markets spiked amid escalating conflict in the Middle East. Brent crude climbed above $114 per barrel, while Oman crude surged as high as $150, reflecting fears of supply disruptions after attacks on key energy infrastructure tied to tensions between Iran and Israel.

The macro shock rippled across markets. European natural gas futures jumped sharply, while Nasdaq-100 equity futures slipped, signaling broader weakness in risk assets. Bitcoin price declined roughly 4% in the 24-hour period, according to Bitcoin Magazine Pro data.

Pressure on crypto intensified after the Federal Reserve held its benchmark interest rate steady at 3.50%–3.75% following its March meeting. 

While the decision was widely expected, policymakers struck a cautious tone as geopolitical risks and rising energy costs threaten to keep inflation elevated.

That shift has altered expectations for monetary policy. Market pricing now reflects limited chances of rate cuts in 2026, with some traders even assigning a small probability to further tightening. Higher-for-longer rates tend to weigh on assets like Bitcoin by increasing the appeal of yield-bearing instruments and strengthening the dollar.

Bitcoin price price briefly climbed above $75,000 earlier this week before sliding sharply over the past few days to fall back below $70,000.

The sell-off extended beyond crypto. The S&P 500 and global equities declined, while gold also pulled back from recent highs despite ongoing conflict, suggesting investors are reducing exposure across multiple asset classes.

Geopolitical tensions remain the key driver. Iran’s reported attacks on regional energy infrastructure, including assets linked to Qatar’s liquefied natural gas exports, have raised concerns about supply disruptions. 

At the same time, U.S. officials are weighing further military involvement to secure shipping routes through the Strait of Hormuz, a critical artery for global oil flows.

As long as energy prices remain elevated and central banks maintain a restrictive stance, Bitcoin price is likely to trade in line with broader macro conditions rather than idiosyncratic crypto catalysts. 

The $70,000 level now stands as a key psychological threshold, with further downside risk if volatility in commodities and geopolitics persists.

This post Bitcoin Price Slides Below $70,000 as Oil Spikes, Fed Hold Tightens Financial Conditions first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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