Bitcoin targets $73,000 as crypto bounces despite oil price jitters
- Bitcoin is charging toward $73,000 amid a fresh decoupling from the stock market.
- The surge in BTC price comes despite fears around escalating oil prices.
- Ethereum, XRP, and Solana are also eyeing momentum as traditional assets falter.
Bitcoin climbed past $72,500 on Friday, extending gains ahead of the Wall Street open.
The cryptocurrency had earlier broken above $72,000 after buyers pushed it out of a consolidation range below $70,000.
The move came as digital assets appeared to shrug off a broader sell-off in equities.
At the time of writing, Bitcoin was trading around $72,518, up roughly 4% over the past 24 hours.
The rally to intraday highs came even as Asian stocks declined and S&P 500 futures slipped amid heightened geopolitical tensions.
Ethereum followed Bitcoin higher, touching intraday highs near $2,157.
Other major altcoins, including XRP, Solana, and BNB, also posted gains around key price levels.
BTC eyes $73k
Analysts attribute BTC’s uptick to crypto’s resilience in recent weeks despite the slump in sentiment following Israel and the United States’ attack on Iran.
While the war and the blockade of the Strait of Hormuz have stoked fears of inflation amid soaring oil prices, on-chain data suggests whales have used the dip for accumulation.
The crypto market has largely weathered the initial storm of the Iran war, and analysts are pointing to fresh decoupling from broader risk asset sentiment.
Amid this potential momentum buildup, Bitcoin is targeting its highest level in nearly two weeks.
After dipping to lows of $63,000 on February 28, BTC pumped to above $74,000 on March 4.
Bitcoin price chart by TradingView
Four consecutive red days saw bears push the bellwether crypto asset to lows of $65,000.
Since then, it’s been up on the daily chart as bulls target a fifth green candle.
If this happens, a breakout above $73,000 could bring the $75k-$78k region into play.
The 100-day simple moving average could offer the next resistance zone around $81,162.
Why could BTC see a sharp pullback?
This downside outlook aligns with potential fragility catalysed by geopolitical uncertainty and global oil pressures.
According to analysts, higher prices reinforce inflation risks and constrain risk appetite as yields rise and the US dollar strengthens.
Meanwhile, BTC and crypto may also face a downturn in momentum as investors slash odds of immediate Fed rate cuts.
Glassnode highlighted this picture via X:
Investors could thus go for profit-taking.
On the downside, immediate support lies at the psychological support level at $70,000. A stronger floor could be at prior lows near $66,250.
The post Bitcoin targets $73,000 as crypto bounces despite oil price jitters appeared first on CoinJournal.
You May Also Like
IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge!
Whales Dump 200 Million XRP in Just 2 Weeks – Is XRP’s Price on the Verge of Collapse?
