Bitcoin rebounded from earlier weekly lows as falling oil prices improved global risk sentiment, helping cryptocurrencies stabilize alongside gains in Asian equities.

The largest digital asset climbed roughly 7% from Monday’s trough near $66,000, briefly reaching $71,612 late Tuesday before easing back to around $70,036 during Wednesday’s Asian trading session.

The move higher came as energy markets cooled. Brent Crude fell below $90 per barrel on Wednesday for the first time since the Middle East conflict began, following an 11% drop in the previous session.

A report from The Wall Street Journal said the International Energy Agency is considering the largest coordinated release of crude reserves in its history. The proposal would surpass the 182 million barrels released in 2022 following Russia’s invasion of Ukraine.

The potential release is aimed at countering supply disruptions caused by production cuts in the Persian Gulf, which have removed about 6% of global oil output since tensions involving Iran escalated. The reductions had pushed global fuel costs — including jet fuel and cooking gas — sharply higher.

Oil prices have been a major transmission channel linking the Middle East conflict to broader financial markets. Rising crude costs typically add to inflation pressures, which can delay interest-rate cuts and tighten liquidity conditions — developments that tend to weigh on risk-sensitive assets such as cryptocurrencies.

With crude now retreating, some of those macro pressures have eased.

Bitcoin was trading near $70,036 on Wednesday morning, up roughly 2.5% for the week. The move from Monday’s low to Tuesday’s peak represented an 8.5% surge in two days, although prices pulled back slightly overnight.

“Bitcoin trading above $70,000 suggests buyers are attempting to push the market out of consolidation, but it still needs to show it can sustain that level,” said Daniel Reis-Faria, CEO of ZeroStack.

He noted that leverage in the market had cooled before the recent rally, which could provide a more stable foundation for the move higher.

“The key question now is whether bitcoin can hold above $70,000 and build momentum, or whether it slips back into the same range we’ve seen for several weeks,” he added.

Analysts at FxPro said bitcoin has been forming a pattern of higher local lows since late February — an early signal that buyers may be gaining confidence within the current range.

However, they identified $73,000 as a crucial resistance level, where last week’s high coincides with the 50-day moving average.

The broader crypto market remained relatively steady. Ethereum traded near $2,034, down 0.3% on the day but up about 2.8% over the past week. BNB was largely unchanged around $643.

XRP edged up 0.3% to $1.38, bringing its weekly gain to about 1.7%. Solana added 0.2% to $86.42 but remained down roughly 0.8% over the past seven days, making it the weakest performer among major tokens during that period.

Meanwhile, Dogecoin rose about 1% to $0.093, holding onto some of Tuesday’s gains following comments from Elon Musk.

Investors are now looking ahead to the upcoming policy meeting of the Federal Reserve scheduled for March 17–18. If crude prices remain below $90 following the IEA’s potential reserve release, concerns about a stagflationary environment that weighed on markets last week could begin to ease.

Bitcoin’s 90-day correlation with the S&P 500 currently sits around 0.78, suggesting the cryptocurrency continues to move closely with broader risk markets — meaning signals from the Fed are likely to influence crypto trading in the near term.