As oil prices plummeted sharply, the market sentiment completely changed. The IEA announced plans to release crude oil reserves on a historic scale, which eases inflation concerns and increases the likelihood of the Fed cutting interest rates. Yesterday, Bitcoin rose to $71,600 but then fell back near $70k. Currently, it’s moving around $73,480.

The market views $70,000 as a major support level and $73,000 as a resistance level. According to analysts, the first positive signal is that Bitcoin has been making higher lows since late February. This time, the market seems more stable because leverage has been reduced. The key question is whether it will continue to rise beyond $70,000 or fall again.

The overall market remains relatively calm. Ethereum is at $2,034, Solana is in the $86 range, and Dogecoin is around $0.093. Next week’s Fed meeting is likely to be a major variable; if crude oil stays below $90 per barrel, expectations for interest rate cuts will grow further. So far, the correlation between Bitcoin and the S&P 500 remains high at around 0.78.