Oil shock and inflation fears push Bitcoin below $67K
On Tue, Mar 3, 2026, Bitcoin slipped over 3.5%, dipping below $67,000 after escalating Middle East tensions pushed oil prices higher and prompted a flight to safety into the U.S. dollar. The sudden risk-off tone reduced appetite for growth and risk assets, and rising oil-driven inflation concerns added pressure on markets already sensitive to macro data.
The drop underscores crypto’s renewed correlation with macro and commodity shocks, with potential implications for ETF flows, leveraged positions and short-term volatility. Traders will be watching key support near the mid-$60,000s and incoming inflation and oil data for cues; sustained dollar strength or further energy shocks could prolong downward pressure, while any easing of geopolitical risks might allow Bitcoin to recover.