The post Bitcoin Price Jumps Above $70,000 After Oil Price Volatility appeared on BitcoinEthereumNews.com.

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. Bitcoin price finds 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…

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Filed under: News - @ March 10, 2026 3:28 pm