Bitcoin Price Could Fall Below $60K as Oil Surge Shakes Global Markets

Highlights:

• Bitcoin is consolidating between $70,410 and $62,618 after a failed breakout
• Bitcoin is likely headed lower due to increased geopolitical uncertainty
• A drop under $60k is likely if financial markets enter a meltdown 

Bitcoin (BTC) is little changed today, after the price plunge over the weekend. When writing, Bitcoin was trading at $67,558, up by a negligible 0.35% in the day. However, trading volumes have shot up in the day, rising 67% to $40.48 billion. The surge in trading volumes at the moment could signal an impending price drop. 

It could likely point to a surge in short sellers and holders liquidating their positions. This is due to current developments in the geopolitical landscape. While Bitcoin and other risk-on assets showed resilience immediately after the Iran war began, cracks are now emerging. That’s because the impact of the oil disruption in the Middle East is starting to be felt across the global economy.

Oil Price Surge Could Push Bitcoin Lower in the Short Term

Global oil prices have shot up to over $110 after Iran closed the Strait of Hormuz. That’s a more than 30% increase in less than a week. This has triggered fears that the global economy could be headed for a crisis unlike anything seen before. The result is that capital is fleeing risk-on assets in search of safety.

Already, the S&P 500 started the day with a gap down, and continues to push lower in the short term. Since Bitcoin moves in step with US stock markets, it could be headed lower. As such, investors who are noting what is happening in the market are likely to be exiting their positions.

Today is one of those days that will be referenced for decades to come.

Oil prices are up +25% on a Sunday, US stock market futures erasing over -$2 trillion, and 20 million barrels per day of oil supply offline with no signs of deescalation.

This market never ceases to amaze.

— The Kobeissi Letter (@KobeissiLetter) March 9, 2026

Longs Liquidations Adding Pressure to Bitcoin’s Price

Further downside could also be accelerated by longs being liquidated. The recent Bitcoin breakout past $70k created the impression that the bear run was finally over. This is evident in the fact that over the weekend, $364 million in BTC longs were liquidated. As more of these longs are due to the escalating geopolitical issues, Bitcoin’s price could come under even bigger pressure.

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96,265 traders were liquidated, the total liquidations comes in at $326.00 million

They just liquidated every long from 67K up.#Bitcoin $BTC https://t.co/i4Tgr5tSXO pic.twitter.com/8U4YhsdkZG

— Crypto Seth (@seth_fin) March 6, 2026

Inflation Fears Adding to Possible Bitcoin Downside Momentum

 Bitcoin is also under pressure from fears that what is happening now in the oil markets could trigger a surge in inflation. This, in turn, could force the Federal Reserve and other central banks to begin raising interest rates. This would crash risk-on assets in the short term. Bitcoin has already struggled under a high-interest-rate environment.

The 2024/25 bull run did not unfold as expected, mainly because it occurred in an environment of elevated interest rates. As such, if rapid inflation forces even more hikes, and Bitcoin is already weak, a plunge to prices under $50k could follow in the medium term.

Stabilizing Bitcoin ETF Flows Brings A Light In Uncertain Times

However, Bitcoin could rebound as institutional investors continue to show interest. This is evident in the fact that Bitcoin ETF inflows remain positive even though intraday inflows and outflows remain volatile. The latest net inflows stand at over $568 million for the week. This is likely to reignite confidence amongst retail holders, stem the price decline, and even trigger a short- to medium-term rebound.

Technical Analysis – Bitcoin Continues Trading In Multi-Week Range

After a recent failed breakout, Bitcoin is back into the multi-week range between the $70,410 resistance and $62,618 support. If Bitcoin bulls take control and push the price through the $70,410 resistance, a rally to $96,962 could follow.

On the other hand, if bears take control and push Bitcoin below the $62,618 support, a Bitcoin correction to below $60k could follow. Of these scenarios, a correction of $62,618 is more likely due to uncertainties arising from the Iran war.