- The US will release 172 million barrels of oil from its Strategic Petroleum Reserve.
- Bitcoin climbs above $70K as Glassnode spots early accumulation near $62.8K–$72.6K
- Analyst Crypto Tice argues Bitcoin’s biggest rallies historically follow oil market bottoms.
The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve in an attempt to lower energy prices following supply shocks tied to the ongoing conflict between the US, Israel, and Iran.
US Energy Secretary Chris Wright said the release is part of a larger 400‑million‑barrel coordinated action agreed upon by the International Energy Agency (IEA), which includes 32 countries. The oil will begin entering the market next week and will take roughly 120 days to deliver.
The move comes after military strikes began on February 28, when the US and Israel launched attacks on Iran. Iran later responded with strikes targeting Israel and Gulf nations hosting US military bases.
When asked about the reserve release, US President Donald Trump said the government would “reduce it a little bit,” while officials plan to refill the reserve later with roughly 200 million barrels within the next year.
Bitcoin Holds Above $70K Despite War Tensions
While energy markets reacted to the conflict, Bitcoin moved higher instead of selling off. Data from CoinMarketCap showed BTC rising above $70,000.
On-chain analytics firm Glassnode said Bitcoin has remained resilient during the recent turmoil. Its latest market update shows an emerging accumulation cluster forming near the midpoint of the $62,800–$72,600 range.
However, the firm noted that the strength of this accumulation cluster remains weaker than in earlier phases that led to major rallies. Conviction may be building, but the base for a larger breakout is still forming.
Oil Bottom Signals Possible Bitcoin Cycle Move
Market analyst Crypto Tice argued that Bitcoin historically enters its strongest rallies only after oil markets hit a bottom. The analyst pointed to previous cycles.
In 2016, oil bottomed, and Bitcoin later surged roughly 2,800%. In 2020, another oil bottom preceded a 600% rally in Bitcoin. According to Crypto Tice, oil prices may have reached another low in 2026, which could place Bitcoin near the start of a new expansion phase.
Interestingly, oil prices influence inflation and economic growth. When oil stabilizes after a decline, market liquidity and inflation expectations can shift quickly, which historically has coincided with strong Bitcoin price expansion.
Recent market action showed oil rising between March 6 and March 9 while Bitcoin moved lower during the same period. When oil prices dropped again afterward, Bitcoin quickly rebounded.
The analyst added that this inverse short-term correlation often appears during volatile macro conditions. Falling oil prices can ease inflation fears and support risk assets, including crypto.
Related: Crypto Market Rebounds as Bitcoin Surpasses $72K—Will This Rally Continue?
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Source: https://coinedition.com/us-oil-reserve-release-sparks-macro-debate-as-bitcoin-holds-above-70k/
