Bitcoin traded above $70,000 after the IEA proposed a record oil stockpile release, a move viewed as easing inflation risks and supporting risk-on sentiment. The cryptocurrency rose to as high as $71,612 on Tuesday evening and then traded around $70,036 in the Asia session on Wednesday. Analysts say Bitcoin is testing a breakout beyond its current range, with $70,000 as a key support and $73,000 as a critical resistance ahead of the Federal Reserve’s March 17–18 meeting.
In the broader market, Ether hovered around $2,034, down 0.3% on the day but up 2.8% on the week, while XRP traded at about $1.38 (up 0.3% daily, up 1.7% weekly), Solana at $86.42 (up 0.2% daily, down 0.8% weekly), and Dogecoin around $0.093 (up 1%). The BTC-70k level remains a focal point as traders weigh macro signals and the potential for Fed policy shifts.
The 90-day correlation to the S&P 500 stayed near 0.78, suggesting crypto moves continue to reflect macro risk-on dynamics amid the evolving oil and inflation outlook. The overall market tone remains constructive as oil price volatility eases and investors await further guidance from the Fed.
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