Bitcoin slips toward $72K as US Treasury comments ease oil inflation concerns

Over the past 24 hours, Bitcoin and Ethereum have risen 3.03% and 4.37%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano, and Hyperliquid gained more than 5%.

Jyots CEO Vikram Subvaraj said US Treasury Secretary Scott Besant’s comments pushed oil prices down by about $2 per barrel, while bitcoin fell to just under $72,000.Sabaraj added that US spot Bitcoin ETFs recorded net inflows of $115.2 million on March 11 and $7.7 million on March 12. The next key macro triggers are the Federal Reserve’s March 17-18 meeting and the US February PPI release on March 18, both of which could have an impact in terms of rate cuts and app risk reduction.Also Read | Large, mid and small cap mutual funds see increasing inflows in February. Is there a transition back to equity?

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Global crypto market capitalization rose 2.67% to $2.43 trillion, according to CoinMarketCap.
The overall market sentiment remains in the fear zone but has improved in recent days. The latest rally added more than $50 billion in market value in hours, while the US stock market wiped out nearly $1 trillion, the CoinDCX research team said.
Over the past week, Bitcoin and Ethereum have risen 1.49% and 2.10% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano, and Hyperliquid rose up to 23%.
Also Read | Gold and silver ETFs fell as much as 3% as rising crude prices dampened hopes of a rate cut. Is it time to buy or wait?

Technically, Bitcoin is trying to stabilize above the $70,000 level, which is emerging as a near-term support zone. Overall, the crypto market appears to be in a consolidation phase, where improving institutional participation is gradually countering macro heads such as rising yields, geopolitical pressures, and cautious global risk appetite, said Delta Exchange research analyst Riya Sehgal.

Market view

Akshat Sidhant, Lead Quant Analyst, Modrex:

Bitcoin is testing resistance at $72,000 while maintaining bullish momentum. Initial U.S. jobless claims came in broadly in line with expectations, helping ease major concerns and supporting risk assets.

CoinSwitch Markets Table:

BTC edged closer to $71K in line with expectations after US inflation and unemployment claims, but the data offered little new momentum for markets. Traders remain cautious, with futures funding rates around -7%, showing that many participants are still betting on the downside.