Bitcoin has hovered around $70,000 after failing to clear the key resistance near $73,000. The $73,000 level was briefly breached on the 13th before slipping back, underscoring geopolitical uncertainty as a downside risk. Market participants expect a meaningful rebound only in the second half of the year.
CoinMarketCap data show BTC traded in the mid-$60,000s to the low-$70,000s range this week before stalling. On-chain data from Glassnode indicates attempts to push above $73,000 have repeatedly failed, underscoring the drag from geopolitical uncertainty. Rising oil prices are cited as a headwind for BTC, as higher inflation and delayed rate cuts dampen risk appetite.
Oil rose above $100 per barrel after the IEA’s large-scale SPR release, compounding the macro backdrop for crypto. Goldman Sachs has delayed its expected Fed rate-cut timing to September from June, reflecting inflation risks linked to Middle East tensions. Goldman Sachs also lifted its Q4 oil-price forecast, reinforcing the view that energy markets will influence crypto sentiment. Binance Research noted that elections and the fading of political uncertainty have historically preceded stronger rallies in crypto markets.
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