Just noticed: Bitcoin is stubbornly oscillating around the $71,000 mark after briefly reaching $71,600 on Tuesday. The current quote is just below $71,470, which still represents a 6.4% gain over the past week. Interestingly, the decline in oil prices — Brent fell below $90 — was the key catalyst here — less inflation concern means more risk appetite, which also boosts the crypto markets.

The reason for the drop in oil prices: The International Energy Agency proposes the largest release of crude oil reserves in its history to offset production outages in the Persian Gulf. This is actually good news for risk assets like Bitcoin — similar to betting on the right strategy in golf: when inflation expectations decrease, the likelihood of Fed rate cuts later in the year increases. The correlation with the S&P 500 remains at 0.78, so dependence on central bank signals persists.

From a technical perspective, Bitcoin has been forming a series of higher lows since the end of February — this is the first structural sign that buyers are gaining confidence here. The critical zone lies between $70,000 support and $73,000 resistance, where the 50-day moving average is also located. Altcoins remain calm: Ethereum is trading at $2,210, with a weekly gain of 7.5%, Solana at $82.24, XRP at $1.33. The Fed meeting on March 17–18 remains the next major event — depending on how the central bank signals, the entire dynamic could shift again.