Bitcoin is holding above $70,000 this morning, extending its recovery from overnight lows under $68,900 after major economies announced joint efforts to boost oil supplies through the disrupted Strait of Hormuz, sending WTI crude nearly 2% lower to $93.80. This follows a bruising 48 hours in which the Federal Reserve held rates steady at 3.50–3.75%.
In the wider crypto market, Ether, XRP, and solana lagged Friday’s bitcoin recovery, posting gains of less than 1%, with few of the top 100 crypto tokens making a gain. One notable exception to the risk-off mood: an unidentified whale trader spent $111.62 million in USDT to purchase 50,706 ETH at an average price of $2,201 across two wallets, their first on-chain activity after seven months of dormancy, according to on-chain analytics provider Lookonchain.
Bitcoin’s current price action is drawing comparisons to a November–January pattern that preceded a sharp drop from around $90,000 to nearly $60,000, with analysts warning that a weak, choppy counter-trend recovery within a broader downtrend could deepen the selloff if key support levels fail.
Bonds and stocks are extending their decline while oil prices continue to rise. Conflict in the Middle East shows few signs of ending quickly, with Iran continuing to attack neighbours and Tehran continuing to be bombed. The S&P 500 also slipped below a key moving average as energy-driven inflation concerns continued to weigh on risk sentiment globally, keeping central banks in a cautious holding pattern and warning about inflationary risks.