Oil ensures that Bitcoin cannot recapture $70,000 again

Bitcoin (BTC) erased its recent trip to $70,000 on Tuesday as tensions in the Middle East led to a sell-off in global assets.

Main points:

• Bitcoin and major asset classes all fell after the Strait of Hormuz was closed.

• Oil sees upside volatility, while even gold can’t hedge against uncertainty.

• BTC price action cannot hold another $70,000 or nearby trend lines.

Oil keeps BTC price below $70,000

Data from TradingView tracked BTC’s 3.2% price loss on the day as $66,000 came back into focus.

Bitcoin joined stock markets around the world amid worries about oil supplies and inflation thanks to the closure of the Strait of Hormuz.

The S&P 500 and Nasdaq Composite Index were both down about 2% after the open on Wall Street, while gold was also down, targeting support at $5,000.

“The market is starting a long price war,” wrote The Kobeissi Letter’s trading source in response to X.

BTC/USD has again failed to break back major trend lines for support – something that Keith Alan, co-founder of trading resource Material Indicators, concluded that the bears remain in control.

“So far the $BTC bulls haven’t been able to gain momentum,” he told X’s followers.

“After missing the 2021 Top and the 21-day SMA, I look back to March-November 2024, when we experienced 8 months of consolidation in this range. Nothing about Monday’s rally has the DNA of a bull recovery.”

Others were hopeful in the shorter term, noting Bitcoin’s relatively stable response to the ongoing geopolitical crisis.

Gold fell 6%.
Silver fell 11%, 20% in 2 days.
Platinum fell 13%.#Bitcoin decreased by only 3%.

It is still stuck in a range and volatility is definitely high in these events.

Lower end of range = buying opportunity. pic.twitter.com/baVI66tMUt

— Michael van de Poppe (@CryptoMichNL) March 3, 2026

“The worst thing to do after the boom in the Middle East is not doing well. Really outperforming stocks and precious metals for a change,” Daan Crypto Trades trader said on the day.

“Right now we haven’t really seen it go up because it’s mostly stable in that range. But it’s good to keep an eye on it. The sign of strength you want to see is if BTC also joins stocks and end metals.”

Gold weakens amid hopes of Bitcoin influx

Earlier, Cointelegraph reported on how rising oil prices will affect BTC price action.

related to: ‘This Is Not World War III:’ Five Things to Know in Bitcoin This Week

Nick Bhatia, founder of global macro research firm The Bitcoin Layer, meanwhile, described gold as “totally broken”.

“Gold looks the worst and is technically hurt,” he wrote on X while acknowledging a 16% year-to-date gain.

Last week, crypto trader, analyst and entrepreneur Michael van de Poppe was hopeful that the potential flow of capital from gold to BTC was already starting.