{"id":141051,"date":"2026-03-10T14:21:52","date_gmt":"2026-03-10T14:21:52","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=141051"},"modified":"2026-03-10T14:21:52","modified_gmt":"2026-03-10T14:21:52","slug":"bitcoin-price-jumps-above-70000-after-oil-shock-on-chain-data-points-to-new-support-zone","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=141051","title":{"rendered":"Bitcoin Price Jumps Above $70,000 After Oil Shock, On-Chain Data Points to New Support Zone"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Bitcoin Price Jumps Above $70,000 After Oil Shock, On-Chain Data Points to New Support Zone<\/a><\/p>\n

<\/div>\n

Bitcoin price steadied this week after a burst of volatility tied to tensions in the Middle East and a surge in oil prices. As of this morning, the bitcoin price is around $70,000 after being above $71,000 in early trading.\u00a0<\/p>\n

The turbulence began over the weekend when disruptions near the Strait of Hormuz pushed crude oil above<\/a> $100 per barrel. Risk assets across global markets reacted to the shock. <\/p>\n

Bitcoin price fell alongside equities during the initial sell-off, sliding into the mid-$60,000 range before finding support.<\/p>\n

Bitcoin price finds support<\/h2>\n

The pullback triggered a wave of on-chain activity. Blockchain data<\/a> from Glassnode shows nearly 600,000 BTC changed hands between $60,000 and $70,000 during the correction, equal to more than $40 billion worth of bitcoin. Over 200,000 BTC of that volume appeared in the last two weeks alone.<\/p>\n

The shift created a dense ownership cluster in that range. In total, about 1.558 million BTC last moved between $60,000 and $70,000, up from roughly 997,000 BTC at the start of the year. <\/p>\n

Analysts say this concentration could form a key support zone because a large group of holders now shares a similar cost basis.<\/p>\n

Checkonchain data<\/a> also shows that about 60% of circulating bitcoin currently sits in profit, leaving around 40% of holders with an average purchase price above $70,000. The mix highlights the uneven distribution of entry points after bitcoin\u2019s rapid climb earlier in the year.<\/p>\n

Institutional flows continued to shape market structure during the volatility. U.S. spot bitcoin exchange-traded funds recorded roughly $568 million in net inflows last week after five weeks of outflows. The products now hold more than $55 billion in cumulative net inflows since their launch, according to data from SoSoValue.<\/p>\n

Market maker Enflux said<\/a> the bitcoin price held up well relative to other assets during the initial energy-driven risk-off move. The firm noted that the asset stabilized in the mid-$60,000 range even as oil spiked and equities dropped.<\/p>\n

Macro developments shifted again Monday after comments from U.S. President Donald Trump suggested<\/a> the conflict with Iran could end sooner than expected. Oil prices fell<\/a> from weekend highs and equity markets reversed earlier losses, which helped lift risk assets across the board.<\/p>\n

Nasdaq\u2019s tokenized stocks<\/strong><\/h2>\n

While macro forces drove short-term trading, a separate development in capital markets drew attention across the crypto industry yesterday.\u00a0<\/p>\n

Nasdaq announced<\/a> plans to launch tokenized stocks through a partnership with Payward, the parent company of crypto exchange Kraken. The initiative will distribute blockchain-based versions of public equities through Kraken\u2019s xStocks platform.<\/p>\n

The framework aims to tokenize both stocks and exchange-traded products while preserving existing shareholder rights and corporate governance structures. Kraken will serve as a distribution partner and settlement layer for the tokenized assets.<\/p>\n

Nasdaq expects the system to launch in the first half of 2027, pending regulatory approval.<\/p>\n

Also yesterday, Strategy said<\/a> they spent a whopping $1.28 billion to buy 17,994 more bitcoin last week, raising its total holdings to 738,731 BTC worth about $50 billion at current prices.<\/p>\n

At the time of writing, Bitcoin is near $69,400.<\/p>\n

This post Bitcoin Price Jumps Above $70,000 After Oil Shock, On-Chain Data Points to New Support Zone<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bitcoin Price Jumps Above $70,000 After Oil Shock, On-Chain Data Points to New Support Zone Bitcoin price steadied this week after a burst of volatility tied to tensions in the Middle East and a surge in oil prices. As of this morning, the bitcoin price is around $70,000 after being above $71,000 in […]<\/p>\n","protected":false},"author":0,"featured_media":141052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-141051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/141051"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=141051"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/141051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/141052"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=141051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=141051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=141051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}