Bitcoin’s (BTC) price has fallen below the key support level of $70,000 as hopes for an end to the war in Iran evaporate and markets brace for a protracted Middle East conflict.
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In late afternoon trading on March 26, BTC was trading at $68,500, down 3% in the past 24 hours and below the $70,000 mark that analysts say is key to the cryptocurrency’s long-term growth. Bitcoin has made several attempts to rise above $75,000 in recent weeks but each attempt has failed.
Like stocks, Bitcoin has been volatile since war broke out on Feb. 28 between the U.S. and Israel and Iran. On March 26, U.S. equity markets experienced heavy selling after Iran’s government rejected peace talks proposed by the Trump administration and vowed to keep fighting, raising the prospects of a wider war in the Middle East.
Oil Prices Spike
The price of Bitcoin and other cryptocurrencies have also been whipsawed by rising crude oil prices. Both Brent and West Texas Intermediate (WTI) crude oil are up 5% on March 26, with Brent trading near $108 a barrel and WTI closing in on $100 per barrel.
Analysts say the oil shock is likely to lead to a sharp rise in inflation, requiring central banks around the world to raise rather than lower interest rates. Such a scenario is bad for risk assets such as cryptocurrencies and have investors seeking shelter in value stocks.
BTC’s Three-Month Performance
The chart below shows that Bitcoin has struggled in recent months and declined 19% in the last 12 weeks as the selloff in cryptocurrencies that began in October 2025 accelerates.
