Bitcoin traders focus on $61k as oil surges past $115 and weak jobs data rattle markets

Bitcoin dropped below $70,000, hitting as low as $65,660, after a weak US jobs report and a significant surge in oil prices past $115, which revived stagflation concerns and pushed investors away from risk assets. The February employment report showed job losses and rising unemployment, suggesting sticky inflation despite slowing growth, a scenario that pressures liquid risk assets like Bitcoin. Simultaneously, oil prices surged over 60% year-to-date due to Middle East tensions, further fueling inflation fears and complicating the Federal Reserve's policy outlook. This macro uncertainty amplifies weakness in crypto, especially as institutional ETF flows become less one-sided and miners continue selling supply. Traders are now focusing on the $61,000 to $64,000 support zone, with the upcoming US CPI data and the March FOMC meeting being crucial for determining the next market direction.

(Source：CryptoSlate)