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Bitcoin slipped back below $70,000 as investors weighed heightened geopolitical risk in the Middle East and upcoming U.S. inflation data scheduled for later today. The move followed a failure to sustain bullish momentum above the $70,000 level after reports that Iran was laying mines along the Strait of Hormuz, a key global oil chokepoint.
Bullish momentum weakened late Tuesday after a now-deleted post from U.S. Energy Secretary Chris Wright said the U.S. escorted an oil tanker through the Strait of Hormuz. The broader crypto market moved lower in tandem, with ether (ETH), solana (SOL), XRP, DOGE and BNB down about 1% or more since midnight UTC.
The CoinDesk 20 Index fell about 1% to around 1,980 points. Alex Kuptsikevich, chief market analyst at FXPro, said traders should watch the 50-day moving average as a potential inflection point, adding that a break above it could indicate a shift in the medium-term trend.
Bitfinex analysts said the next direction for crypto depends on oil prices, U.S. yields and Fed policy.
BTC funding rate was reported at -0.0027% (about -2.9456% annualized) on Binance. Technical commentary in the article pointed to the 50-day moving average as a key resistance level on the daily chart, noting that a break higher could attract buyers while the outlook remains bearish while prices stay below the average.
The article highlighted the upcoming February CPI release as a key catalyst for market volatility. The report is expected to show inflation at 2.5% year-on-year, with core inflation also expected at 2.5%. A hotter print could reinforce expectations of no Fed rate cuts this year and increase volatility.
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