Bitcoin Reclaims $70K as Markets Stabilize After Energy Shock

Bitcoin surged back above $70,000 Tuesday morning during Asian trading hours, staging a strong recovery after a weekend selloff that had briefly pushed the leading cryptocurrency down to around $65,000. The rebound coincided with retreating oil prices and a broader rally in U.S. equity markets.

The initial decline came as geopolitical tensions in the Strait of Hormuz drove both WTI and Brent crude above $100 per barrel for the first time in years, triggering a broad risk-off response across financial markets. Bitcoin fell in tandem with other risk assets during the shock but quickly found support in the mid-$60,000 range before climbing again as investors processed the headlines. Notably, Wall Street showed relative insulation from the energy crisis, helping stabilize sentiment.

Crypto market maker Enflux highlighted Bitcoin's resilience in a note, pointing out that while the asset briefly dipped below $66,000, it consolidated between $66,000 and $68,000 fairly quickly — outperforming equities and several traditional hedges on a relative basis.

Institutional interest continued to provide a strong tailwind. U.S. spot Bitcoin ETFs recorded approximately $568 million in net inflows last week, following $787 million the prior week, according to SoSoValue data. Cumulative net inflows across these products have now surpassed $55 billion, underscoring sustained demand from institutional investors. Early Monday figures pointed to an additional $57 million in inflows, though reporting from some issuers was still pending.

On-chain analytics firm Glassnode noted that while momentum, ETF demand, and profitability metrics are gradually improving, capital flows remain soft and speculative participation is still limited. Broader market conviction, analysts noted, has yet to fully return.

Prediction market platform Polymarket reflected the shifting sentiment, with the probability of Bitcoin reaching $75,000 in March jumping from roughly 34% to 56% in a single day as the $70,000 level was reclaimed.