Bitcoin (BTC) Price: Oil Crash and Trump Comments Send BTC Back Above $70,000

TLDR

• Bitcoin rebounded above $70,000 after dropping to ~$65,000 over the weekend
• Oil prices falling back from ~$120 to ~$90 a barrel eased inflation fears
• Trump’s comments about a potential end to the Iran war boosted market sentiment
• U.S. spot Bitcoin ETFs saw $568 million in net inflows last week; cumulative inflows now above $55 billion
• Polymarket odds of BTC hitting $75,000 in March jumped from 34% to 56% in one day

Bitcoin dropped sharply to around $65,000 over the weekend before recovering above $70,000 by Tuesday morning Asian trading hours. The selloff was triggered by a surge in oil prices after disruptions in the Strait of Hormuz pushed WTI and Brent crude above $100 a barrel for the first time in years.

The recovery began as oil prices retreated and broader market sentiment improved.

U.S. President Donald Trump said the ongoing conflict involving Iran could end soon. He cautioned it was unlikely to wrap up this week but warned the U.S. would respond “20 times harder” if Iran tried to shut the Strait of Hormuz.

Oil fell back to near $90 a barrel on Tuesday after hitting close to $120 on Monday. That eased fears about a global inflation spike that had rattled financial markets.

Asian stock markets rebounded on Tuesday, recovering some of Monday’s losses. Wall Street also posted gains overnight, and Bitcoin tracked the improvement in risk sentiment.

ETF Inflows Remain Steady

U.S. spot Bitcoin ETFs continued to attract demand during the volatility. Net inflows came in at about $568 million last week, following $787 million the week prior, according to SoSoValue data.

Cumulative net inflows across all U.S. spot Bitcoin ETF products have now crossed $55 billion. Early data showed Monday’s inflows were around $57 million, though not all issuers had reported at time of publication.

Market maker Enflux noted that Bitcoin held up better than equities and some traditional hedges during the initial sell-off. The firm said BTC dipped below $66,000 briefly before stabilizing in the $66,000–$68,000 range.

Trader Sentiment Shifts Quickly

Prediction market Polymarket showed a sharp shift in trader expectations. The odds of Bitcoin reaching $75,000 in March jumped from around 34% to 56% in a single day as BTC reclaimed the $70,000 level.

Analysts at Glassnode noted that momentum, ETF demand, and profitability metrics are improving. They added that capital flows remain soft and speculative participation is still limited.

On the technical side, Bitcoin faces resistance near $69,250 and $69,600. A sustained move above $69,600 could open the door to $70,500 and then $72,000.

Key support levels sit at $68,000 and $67,500. The main floor remains around $65,500.

Investors are now watching the U.S. January CPI report due Wednesday and the February PCE index due Thursday.

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