TLDR
- Bitcoin briefly hit $71,612 before pulling back to around $70,000, up roughly 8.5% from Monday’s low near $66,000
- The International Energy Agency proposed its largest-ever crude reserve release, pushing Brent crude below $90 per barrel
- US stock futures were little changed, with Dow, S&P 500, and Nasdaq futures each up around 0.2%
- February’s Consumer Price Index report drops Wednesday at 8:30 a.m. ET, a key data point for Fed rate cut expectations
- Oracle shares surged after beating earnings expectations; Adobe and Dollar General report later this week
Bitcoin climbed to $71,612 on Tuesday evening before pulling back to $70,036 during Wednesday’s Asian trading session. The move marks a roughly 8.5% recovery from Monday’s low near $66,000 in just two days.
The catalyst was falling oil prices. Brent crude dropped below $90 per barrel on Wednesday after losing more than 11% in the prior session. That sharp drop followed a Wall Street Journal report that the International Energy Agency had proposed its largest-ever release of crude oil reserves.
BREAKING: Oil is down 11% in the last hour as the G7 and IEA announced to release a massive 400 million barrels of oil from strategic reserves.
This historic intervention represents nearly 30% of the IEA’s total 1.2 billion barrel stockpile, the largest coordinated release in… pic.twitter.com/ASwp67tgy1
— Bull Theory (@BullTheoryio) March 9, 2026
The proposed release would exceed the 182 million barrels released in 2022 after Russia’s invasion of Ukraine. It is a direct response to Persian Gulf production cuts tied to the ongoing Iran war, which have removed roughly 6% of global oil output from the market.
Oil had briefly surged toward $120 per barrel on Monday before retreating. A now-deleted social media post from Energy Secretary Chris Wright, claiming the US had escorted an oil tanker through the Strait of Hormuz, also contributed to Tuesday’s price drop. West Texas Intermediate fell to as low as $76.73 per barrel before partially recovering overnight.
Lower oil prices matter for Bitcoin and other risk assets because high oil feeds inflation, which reduces the chance of Federal Reserve rate cuts. With crude falling, that pressure has eased slightly.
Bitcoin Tries to Break Out of Consolidation Range
Analysts are watching two key levels for Bitcoin: $70,000 as support and $73,000 as resistance. The 50-day moving average also sits near $73,000, where last week’s price peak landed.
“Bitcoin trading above $70,000 tells you buyers are trying to push this market out of consolidation, but it still has to prove it can hold,” said Daniel Reis-Faria, CEO of ZeroStack. He added that leverage had cooled before the move, which gives the setup more stability.
FxPro analysts noted that Bitcoin has been forming higher local lows since late February, which they describe as the first structural sign of buyers gaining confidence within the range.
Ether held at $2,034, down 0.3% on the day but up 2.8% on the week. Solana added 0.2% to $86.42 but remains the weakest major on a seven-day basis. Dogecoin rose 1% to $0.093, holding some of Tuesday’s gains tied to Elon Musk activity.
CPI Report and Fed Meeting in Focus for Stocks
US stock futures were little changed Tuesday evening. Futures on the Dow Jones Industrial Average rose 0.2%. S&P 500 and Nasdaq 100 futures each gained 0.2%.
Investors are watching Wednesday’s Consumer Price Index report, due at 8:30 a.m. ET. Friday brings January’s Personal Consumption Expenditures index. Both reports could shape expectations for Federal Reserve policy at its March 17-18 meeting.
Oracle shares rose after the company beat earnings expectations and issued a positive outlook on Tuesday. Adobe and Dollar General are set to report later in the week.
Bitcoin’s 90-day correlation with the S&P 500 stands at 0.78, meaning crypto will likely react to whatever the Fed signals at its upcoming meeting.
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