{"id":95369,"date":"2026-03-18T18:51:27","date_gmt":"2026-03-18T15:51:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95369"},"modified":"2026-03-18T18:57:18","modified_gmt":"2026-03-18T15:57:18","slug":"bitcoin-slips-below-72000-as-oil-jumps","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-slips-below-72000-as-oil-jumps\/","title":{"rendered":"Bitcoin slips below $72,000 as oil jumps"},"content":{"rendered":"

On 18 March the price of the leading cryptocurrency slipped below $72,000, down nearly 4% on the day. Escalation in the Middle East sent oil prices sharply higher, intensifying inflation worries.<\/p>\n

At the time of writing bitcoin trades around $71,300. A day earlier the digital gold tested<\/a> $75,000, the highest since early February.<\/p>\n

\"image\"
Hourly chart of BTC\/USDT on Binance. Source: TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n

The broader market followed. Ethereum fell 7%, Solana<\/a> dropped 5.8%, and XRP<\/a> lost 4.3%.<\/p>\n

\"image\"
Source: CoinGecko<\/a>.\u00a0<\/figcaption><\/figure>\n

Liquidations over the past 24 hours reached $389m, most of it ($335m) from long positions.<\/p>\n

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Source: CoinGlass<\/a>.\u00a0<\/figcaption><\/figure>\n

Backdrop\u00a0<\/h2>\n

The sell-off followed a further turn in the confrontation between Iran, the United States and Israel. US president Donald Trump hinted<\/a> at further escalation. Western media outlets all but rule out<\/a> a diplomatic settlement.<\/p>\n

Washington and Jerusalem carried out heavy strikes on Tehran\u2019s fuel-and-energy infrastructure. According to Bloomberg<\/a>, equipment at the South Pars oil-and-gas field was damaged.<\/p>\n

Against this backdrop Brent neared $110<\/a> a barrel, jumping nearly 5% on the day. WTI rose 2.2% to $97.7<\/a>.<\/p>\n

Additional pressure came from the US February report<\/a> on the PPI<\/span>. The headline index rose 0.7%\u2014more than twice the forecast (0.3%) and above January\u2019s 0.5%.<\/p>\n

Core PPI increased 0.5% versus 0.3% expected, though it slowed slightly from 0.8% a month earlier. The figures do not reflect the strikes on Iran or the subsequent jump in oil prices.<\/p>\n

The new data make monetary easing by the Fed<\/span> even less likely. The next meeting of the FOMC<\/span> is scheduled for 18 March. Investors are confident the central bank will leave rates within the current range.<\/p>\n

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Source: CME FedWatch<\/a>.\u00a0<\/figcaption><\/figure>\n

Most market participants now expect no change at least until September.<\/p>\n

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Source: CME FedWatch<\/a>.\u00a0<\/figcaption><\/figure>\n
\n

\u201cMarkets have sharply reduced expectations of policy easing\u2014expensive oil complicates the path to rate cuts, even despite worsening growth and employment data. For cryptocurrencies this means one thing: the rate backdrop is not becoming more favourable, but tighter,\u201d \u2014 <\/em>noted<\/em><\/a> QCP analysts.\u00a0<\/em><\/p>\n<\/blockquote>\n

What next?\u00a0<\/h2>\n

Joao Wedson, founder of Alphractal, thinks that if the $69,000\u201370,000 area gives way, a drop below $60,000 is likely soon. To invalidate this, bitcoin needs to move above $78,000.<\/p>\n

\n

GM!
Am I right?<\/p>\n

If so, BTC can\u2019t drop below $69K~$70K because, unfortunately, I have to say there may soon be a high chance of seeing it below $60K. But it needs to somehow move above $78K to break this expectation.<\/p>\n

Some things seem almost timed, and I\u2019ve been noticing this\u2026 https:\/\/t.co\/weekgtsKdS<\/a><\/p>\n

\u2014 Joao Wedson (@joao_wedson) March 18, 2026<\/a><\/p><\/blockquote>\n