The price of Bitcoin surged past $70,000 following a significant spike in oil prices and geopolitical tensions in the Middle East. As of this morning, Bitcoin is trading around $70,000 after briefly exceeding $71,000 earlier today.
This volatility was triggered over the weekend when incidents near the Strait of Hormuz caused crude oil prices to soar above $100 per barrel. The ripple effects were felt across global markets as risk assets reacted to this shock.
Initially, Bitcoin’s value dropped alongside stock markets during the sell-off phase, falling into the mid-$60,000 range before stabilizing.
Support Levels for Bitcoin
This decline prompted a surge in on-chain activity. Data from Glassnode indicates that nearly 600,000 $BTC changed hands between $60,000 and $70,000 during this correction phase—amounting to over $40 billion worth of Bitcoin transactions. Notably, more than 200,000 $BTC were traded within just the last two weeks.
This shift has resulted in a dense cluster of ownership within that price range. In total, approximately 1.558 million $BTC last moved between these values—a rise from about 997,000 $BTC at the beginning of this year.
Experts suggest that such concentration could establish an important support zone since many holders now share similar purchase costs.
Additonally , Checkonchain data reveals that roughly 60% of circulating bitcoins are currently profitable while around 40% have an average acquisition cost exceeding $70K—illustrating an uneven distribution regarding entry points following Bitcoin’s rapid ascent earlier this year.
The influence from institutional investors continued to shape market dynamics amid recent volatility; U.S.-based spot bitcoin exchange-traded funds saw net inflows totaling approximately $568 million last week after five consecutive weeks marked by outflows. Since their inception , these products have accumulated over$55 billion in net inflows according to SoSoValue data .
The market maker Enflux noted that despite initial energy-driven risk aversion movements , bitcoin maintained relative stability compared with other assets ; it remained steady within mid-$60K even as oil prices surged and equities fell .
A shift occurred on Monday when comments made by U.S President Donald Trump indicated potential resolution regarding conflicts with Iran sooner than anticipated which led oil prices dropping from weekend peaks while equity markets recovered previous losses aiding overall recovery across various risk assets .
Nazdaq’s Tokenized Stocks Initiative
Apart from macroeconomic factors influencing short-term trades , another noteworthy development emerged yesterday concerning capital markets drawing attention throughout crypto industry circles .
Nazdaq announced intentions for launching tokenized stocks via collaboration with Payward—the parent company behind cryptocurrency exchange Kraken —aiming at distributing blockchain versions public equities through Kraken’s xStocks platform .
This framework intends not only tokenize stocks but also exchange-traded products whilst ensuring existing shareholder rights corporate governance structures remain intact ; Kraken will act both as distribution partner settlement layer those tokenized assets.
Nazdaq anticipates launching system during first half-year2027 pending regulatory approval.
Additonally yesterday Strategy revealed spending staggering amount$1.28 billion acquiring additional17 ,994 bitcoins raising total holdings738731$ BTCcurrently valued around$50billion current rates.
At present time writing,Bitcoin hovers near69 ,400.
This article titled “Bitcoin Price Jumps Above$70k After Oil Shock On-Chain Data Points New Support Zone “was originally published onBitcoin Magazine authored byMicah Zimmerman.