Bitcoin stays above 70k, but yesterday was more interesting. It rose to 71.6k, then pulled back. According to the latest data, the current price is around 71.7k. The move happened against the backdrop of a sharp drop in oil—after the Ukrainian event, the IEA released a record volume of reserves into the market, more than in 2022.

Why is this important? Oil fell below 90 bucks, and it removed inflation fears. Plus, it creates a backdrop for possible Fed rate cuts later in the year. Risky assets revived. The oil story is like an indicator for crypto, because through it all geopolitical risk is transmitted.

From a technical standpoint, 70k is a serious support level that everyone is watching. To go higher, it needs to break through 73k, where last week’s high and the 50-day moving average meet. Analysts note that Bitcoin is forming a series of rising local lows since the end of February—this is the first sign that buyers are starting to believe. Also, leverage before the rise has decreased, creating a more stable environment for the move.

Altcoins are still calm. Ethereum is holding around 2,22k ( minus 0,69% for the day ), BNB is around 595 bucks, XRP fell to 1.33, Solana at 82.39. Dogecoin gained a little—about 0.09. Everyone is waiting for the Fed meeting; this will be the next major trigger. If oil remains below 90, the arguments for rate cuts will look more convincing. Bitcoin’s correlation with the S&P 500 is still high—0.78, so the stock market still sets the tone.