Bitcoin has encountered heightened volatility once more, declining to approximately $65,500 before recovering to $68,500, only to face resistance due to ongoing developments surrounding the Middle East conflict and the fluctuating oil market.
Ethereum is once again vying for the crucial $2,000 threshold, yet its advances appear fragile.

Bitcoin’s Journey

Following a decrease from $67,000 to $63,000 on February 28 amidst escalating Middle Eastern tensions, Bitcoin’s price swiftly rebounded, reaching $74,000 by Wednesday, adding $11,000 in just a few days. This surge, occurring in a volatile landscape, was anticipated to be succeeded by a downturn.
Shortly after, bears regained market strength, pushing Bitcoin down to $68,000 over the weekend. Despite a somewhat stable weekend compared to previous ones, Bitcoin still experienced fluctuations on Sunday evening coinciding with the reopening of traditional futures markets.

As Israel targeted several Iranian oil facilities, the price of oil surged to a multi-year high of $120 per barrel this morning. Reports have surfaced indicating that the G7 nations are set to release 400 million barrels, which led to Oil values dipping below $96,000 before bouncing back to $102 at the time of writing.

Bitcoin fluctuated between $65,500 and $68,500, ultimately stabilizing around $67,500 within hours. Currently, its market capitalization stands at $1.350 trillion, with a 56.5% dominance over alternative coins.

BTCUSD on March 9. Source: TradingView

Ethereum’s Battle for $2K

Ethereum, after peaking at $2,200 last Wednesday, suffered a drop to just above $1,900, but has rebounded and is again attempting to breach the $2,000 level, although its momentum looks weak.
In other updates, cryptocurrencies such as BNB, SOL, HYPE, XMR, and LINK have shown minimal daily gains, while XRP, TRX, DOGE, ADA, and BCH have declined. CC has seen the largest drop among mid-cap cryptocurrencies, while TAO has appreciated by nearly 10% to reach $195.
Additionally, Pi Network’s PI token is experiencing high volatility, rising by 5% to over $0.21 after a dip to $0.20 yesterday.

The overall cryptocurrency market cap remains stable, hovering under $2.4 trillion.