Bitcoin Price Jumps Above $70,000 After Oil Shock, On-Chain Data Points to New Support Zone
Bitcoin recovered above $70,000 following an oil price shock, supported by significant on-chain accumulation between $60,000 and $70,000.Summary
The Bitcoin price stabilized around $70,000 this week after experiencing volatility caused by geopolitical tensions that briefly pushed crude oil above $100 per barrel, leading to an initial sell-off in risk assets. During the correction into the mid-$60,000 range, on-chain data from Glassnode revealed that nearly 600,000 BTC traded hands, establishing a dense ownership cluster between $60,000 and $70,000, which analysts suggest forms a new key support zone. This concentration means about 1.558 million BTC now reside in this range. Furthermore, U.S. spot Bitcoin ETFs saw $568 million in net inflows last week, reversing five weeks of outflows. Market sentiment improved after comments from U.S. President Donald Trump suggested the conflict might de-escalate, causing oil prices and equities to rally. Separately, Nasdaq announced plans to launch tokenized stocks via a partnership with Kraken, aiming for a 2027 launch pending regulatory approval.
(Source：Bitcoin Magazine)