Bitcoin Price Falls Below $70K as Iran War Drives US Oil Prices Rise To 2-Year High

Bitcoin price has dipped below the $70,000 level after holding above it for the past two days as markets reacted to the ongoing U.S.–Iran war. Surging oil prices pushed risk sentiment lower across global markets, placing pressure on crypto and equities. As oil surged above $86 per barrel on March 6, Bitcoin retreated after its recent rally.

Bitcoin Price Drops Below $70K After Two-Day Rally

At press time, Bitcoin price traded at $69,836. The asset fell by 0.64% in an hour and 4.40% over the past day. Earlier this week, Bitcoin rallied strongly from the $66,000–$68,000 range. The move pushed prices above $71,000 before reaching a peak above $73,500 on March 5.

Source: TradingView

However, the momentum slowed as macro volatility returned. The market then entered a short-term pullback that pushed Bitcoin below the $70,000 level. Key support now appears around $69,000 and $68,000. Meanwhile, resistance is near the recent high around $73,500.

Market analysts also tracked broader market reactions. According to analyst Ted Pillows, Bitcoin’s drop occurred as U.S. stock futures turned negative while oil prices continued rising. Nasdaq futures declined 0.87% during pre-market trading. At the same time, S&P 500 futures slipped 0.66%, reflecting broader market caution.

Source: Ted

The shift in equities came as energy markets moved higher. This has placed additional pressure on risk assets, including cryptocurrencies.

Short-Term Holders Send 27,000 BTC to Exchanges

While macro pressure weighed on Bitcoin price, on-chain data also pointed to increased selling activity. CryptoQuant analyst Darkfost reported notable movements from short-term holders. According to Darkfost, short-term holders sent more than 27,000 BTC in profit to exchanges during the past 24 hours. 

That volume ranks among the highest levels seen in recent months. These sellers mainly accumulated Bitcoin between one week and one month ago, mainly due to the Bitcoin price being pushed up by Bitcoin ETFs. Their realized price is near the $68,000 level.

Because of this, many holders are still in profit despite the recent Bitcoin price dip. Darkfost explained that these investors tend to react quickly to market news. Short-term holders also often respond to macro uncertainty. Current news flow and economic projections remain negative in the short term.

Oil Surge and Institutional Flows Add Market Pressure

U.S. oil prices surged above $86 per barrel for the first time since July 2025. The rally extended a major climb that began in December. Since then, oil prices have risen roughly 55%, with Brent crude approaching the $90 level.

Meanwhile, Qatar warned that oil could reach $150 per barrel if tensions escalate further. Earlier coverage by CoinGape also cited warnings from Peter Schiff regarding rising oil and gold prices during the conflict that could weigh on Bitcoin price and stocks.

According to QCP Broadcast, geopolitical headlines dominated the news cycle while oil ultimately drove market movements. The firm explained that markets shifted from a typical risk-off reaction to an inflation-driven environment. Rising energy risk kept bond yields elevated and reduced the effectiveness of traditional safe-haven hedges.

The Bitcoin price dip may not be solely tied to the oil price surge due to the U.S.-Iran war. According to Lookonchain, wallets linked to Jane Street deposited 270 BTC worth about $19 million to Bullish.com and LMAX Digital.

These exchanges support institutional-grade and high-frequency trading. Jane Street has previously faced accusations related to Bitcoin market activity during past trading sessions.