Analysis: Bitcoin held firm at $67,000 without panic selling; the crypto market may see a bullish reversal despite the impact of oil prices.

Despite the surge in oil prices triggered by the Middle East situation, Bitcoin prices remained within the $67,000 range, without panic selling, suggesting the market may have bottomed out. Analyst Brian Brookshire noted, "Bitcoin's failure to fall when the market is generally under pressure is one of the strongest bottoming signals." On Monday in early Asian trading, WTI crude oil rose to $119 per barrel, a new high since the Russian invasion of Ukraine in 2022. Iraq warned that global crude oil production of approximately 3 million barrels per day could be affected due to Iranian threats against oil tankers in the Strait of Hormuz. The Kobeissi Letter analysis indicated that this situation represents "the largest oil supply shock in history," with a daily loss of nearly 20 million barrels of crude oil supply. The surge in oil prices has exacerbated global inflation concerns, leading the market to expect that the Federal Reserve will be unlikely to cut interest rates in 2026. Polymarket data shows that the probability of the Federal Reserve maintaining interest rates unchanged on March 18 is about 99%, with only about a 27% chance of a 25 basis point rate cut. Holding interest rates steady typically tightens financial conditions, boosting the dollar and putting short-term pressure on Bitcoin. Technically, BTC/USD, despite failing to break through the $74,000 resistance level, still recorded its first positive weekly candle in seven weeks and formed an inverted hammer pattern, potentially suggesting a bullish reversal. CoinBureau founder and CEO Nic stated that this price action provides a potential bullish signal for the market. (Cointelegraph)