Bitcoin dropped below the $66,000 mark on Friday as global markets reacted to rising oil prices and growing concerns over US inflation.
The leading cryptocurrency fell nearly 4% the day, with analysts warning that inflation trends in the United States are becoming “unsustainable” due to ongoing geopolitical tensions affecting oil supply.
Market sentiment weakened after Iran reportedly closed the Strait of Hormuz, triggering fears of a global oil supply shock. This development pushed oil prices higher and weighed heavily on risk assets, including cryptocurrencies and US stocks.
Experts noted that rising oil prices could further complicate the US Federal Reserve’s efforts to control inflation, with some analysts now expecting a prolonged pause in interest rate changes.
Bitcoin traders are closely watching key levels, with $70,000 now acting as strong resistance, while downside risks could push prices toward the $64,000–$65,000 range in the short term.
If current trends continue, March could mark Bitcoin’s sixth consecutive month of losses, reflecting broader uncertainty in global financial markets.
