The future trajectory of Bitcoin largely hinges on oil prices, bond yields, and Federal Reserve policy. News from the crypto industry has taken a backseat, experts from Bitfinex stated.

Following significant liquidations in February, when the price of Bitcoin dropped from $79,000 to $60,000, leverage in the derivatives market sharply declined. Bitcoin has shifted from a correction phase to macroeconomic consolidation, with its pricing now influenced by global liquidity.

The recent surge of the asset to $72,000 resulted in the liquidation of short positions exceeding $100 million. However, the overall market dynamics remain constrained by external factors.

Impact of Oil

In just three weeks, oil prices surged by 80%, briefly exceeding $100 per barrel. Rising energy costs are fueling inflation, compelling central banks to postpone interest rate cuts. Credit conditions remain tight, the dollar is strengthening, and available liquidity is decreasing.

Experts observe that Bitcoin is currently correlating more with tech stocks than with safe-haven assets. At 21Shares, it was noted that high energy prices are depleting Americans' historically low savings, intensifying pressure on the U.S. economy and risk assets.

Market Stabilization

Despite macroeconomic threats, a balance is forming in the crypto industry, with large investors continuing to accumulate coins and absorbing sales from retail traders.

Spot Bitcoin ETFs are consistently attracting capital. On March 9, net inflows into these instruments totaled $167 million, with $109 million coming from BlackRock's IBIT fund. Experts have identified these inflows as a key indicator of institutional sentiment.

The technical outlook supports a consolidation phase, with structural support at $60,000 and local resistance between $70,000 and $72,000. A breakout above $78,000 could trigger a new bull market phase.

If ETF inflows continue and the macroeconomic backdrop remains neutral, the asset could gradually stabilize above $70,000. However, if inflation spikes due to high oil prices, Bitcoin risks dropping back to $60,000 before a new rally begins.

It’s worth noting that on March 9, an analyst known as Darkfost described rising oil prices as an unfavorable factor for Bitcoin.