Bitcoin (CRYPTO: BTC) tapped $69,000 on Monday morning after oil retraced back below $110, following the G7 and IEA’s announcement about the largest coordinated strategic oil reserve release in history.
The Historic Oil Intervention
The G7 and International Energy Agency announced the release of 400 million barrels of oil from strategic reserves, representing nearly 30% of the IEA’s total 1.2 billion barrel stockpile.
The emergency meeting was called to combat a severe supply shock following escalation of the Iran crisis.
Oil prices plunged 11% in one hour after the announcement.
The intervention targets oil prices that surged above $100 a barrel amid conflict involving Iran, the United States, and Israel.
IEA nations currently hold 1.24 billion barrels in public reserves plus 600 million barrels in industry stocks.
This system was designed after the 1973 crisis specifically for this type of global market instability. The coordinated release aims to stabilize prices and prevent sustained inflation from filtering through to consumer costs.
Bitcoin’s U.S. Risk Asset Status
Earlier on Monday, JPMorgan strategists noted that the United States is not meaningfully exposed to oil from Iran or the Middle East.
The U.S. imports oil mostly from Canada and Mexico, with just 4% from Saudi Arabia, and is now the world’s largest net oil exporter.
This insulation benefits U.S. markets. Futures tied to the S&P 500 (NYSE:SPY) and Nasdaq declined just over 3% since the conflict began February 28.
Meanwhile, Japan’s Nikkei dropped 10%, India’s Nifty fell 5%, and South Korea’s Kospi declined over 16%.
Bitcoin increasingly trades like a U.S. risk asset, moving in step with Wall Street, tech stocks, and the dollar.
This trend accelerated since the debut of U.S. spot ETFs, which made it easier for institutional investors to access Bitcoin directly.
The Technical Triangle Setup
From a chart perspective, the Supertrend at $61,089 remains green well below price, confirming the broader trend shifted bullish following February capitulation.
Bitcoin trades approximately 11% above the Supertrend.
A symmetrical triangle pattern is forming between a descending trendline from the $130,000 January peak and an ascending trendline from February lows around $61,000.
The descending resistance currently slopes through $72,000-$75,000, while ascending support sits at $65,000-$66,000.
Critical resistance sits at $72,000-$75,000. Breaking above confirms the triangle breakout to the upside and targets $80,000-$85,000.
Support sits at the ascending trendline around $65,000-$66,000, Parabolic SAR at $63,645, and Supertrend at $61,089.
Image: Shutterstock
