Yeliz Akmaca 
US Treasury Secretary Scott Bessent’s moves to curb oil prices have sparked sudden volatility in the crypto market. Bessent announced that the US Treasury Department would provide temporary authorization for countries to purchase Russian oil currently stranded at sea. Why is Bitcoin rising? The main reason: this step calmed investor sentiment and quickly pushed BTC prices near the $72,000 level. Actually, this move affected not only the crypto market but also traditional markets through oil prices.
Oil Prices and Global Economic Impact
Oil is currently trading at $100.51. Truthfully, this price level is putting pressure on US stock markets. On Thursday, prices approaching $100 per barrel caused sharp losses in indices. On the other hand, Bessent’s statements limited short-term panic reactions in the market. Actually, experts say that the temporary disruptions in oil supply will not disturb long-term economic balance. However, global energy and geopolitical risks remain high, so prices may continue to fluctuate in the short term and hover around $100.
Bitcoin and Altcoin Market Reaction and Consolidation
Bitcoin jumped to the $71,400 – 72,000 range within minutes following Bessent’s statements. Ethereum (ETH) rose about 4.6% to $2,117, Solana (SOL) increased over 5%, XRP rose to $1.41, and BNB traded around $661. Actually, the total crypto market capitalization remains close to $2.4 trillion, moving within a narrow consolidation range since late January. If we look closely, this stability appears more reassuring compared to traditional financial markets.
Analyst Commentary
Analysts note that BTC has stabilized due to institutional investor interest and the exploration of Bitcoin-based financial infrastructure. Glassnode data show on-chain metrics improving while highlighting that sustainable gains require new capital inflow. FxPro’s chief market analyst said Bitcoin has settled near the top of its consolidation range and reached a safer level around $70,000. Actually, in previous months, almost any news triggered BTC sell-offs, whereas the current environment signals a fundamental shift in sentiment.
According to Coin Engineer Analyst:
“Bitcoin is currently trading below resistance. The fact that it is challenging this resistance is a positive signal; if it breaks through, the rally could be more sustainable. As mentioned in yesterday’s analysis, closing above $71,600 could move the target zone to $74,000. Since the decline has not made a new low and there has been a reaction, liquidity at the peak will likely be taken.
Short-term support is at $68,180. Some pullback to this level is normal. Actually, instead of taking positions from these levels, it is better to wait for the price to reach support and get a reaction. A shakeout may occur before any upward movement; if the resistance is broken or a pullback to support happens, opening new positions should be considered strategically.”
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