Bitcoin rebounded toward the $72,000 mark after U.S. Treasury Secretary Scott Bessent sought to calm markets over the inflationary fallout of higher oil prices. The cryptocurrency was trading at $71,402 on Friday.

In the past 24 hours, Bitcoin and Ethereum were up 3.03% and 4.37%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano, and Hyperliquid gained over 5%.

Vikram Subburaj, CEO of Giottus, said U.S. Treasury Secretary Scott Bessent’s remarks pushed crude about $2 per barrel lower, while Bitcoin rallied to just under $72,000.Subburaj further said that U.S. spot Bitcoin ETFs recorded $115.2 million in net inflows on March 11 and $7.7 million on March 12. The next key macro triggers are the Federal Reserve’s March 17–18 meeting and the U.S. February PPI release on March 18, both of which could influence rate-cut expectations and, by extension, crypto risk appetite.Also Read | Large, mid and small cap mutual funds see rising inflows in February. Is the shift back to equities underway?

The global crypto market capitalisation rose 2.67% to $2.43 trillion, according to CoinMarketCap.
The overall market sentiment remains in the fear zone but has been improving in recent days. The latest rally added more than $50 billion in market value within hours, while the U.S. stock market wiped out nearly $1 trillion, said the CoinDCX Research Team.
In the past week, Bitcoin and Ethereum were up 1.49% and 2.10%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano, and Hyperliquid surged up to 23%.
Also Read | Gold and silver ETFs slip up to 3% as rising crude prices dampen rate cut hopes. Is it time to buy or wait?

Technically, Bitcoin is attempting to stabilise above the $70,000 level, which is emerging as a near-term support zone. Overall, the crypto market appears to be in a consolidation phase, where improving institutional participation is gradually counterbalancing macro headwinds such as rising yields, geopolitical tensions, and cautious global risk appetite, said Riya Sehgal, Research Analyst at Delta Exchange.

Market perspective

Akshat Siddhant, Lead Quant Analyst, Mudrex:

Bitcoin is testing resistance at $72,000 while maintaining bullish momentum. U.S. initial jobless claims came broadly in line with expectations, helping ease macro concerns and support risk assets.

CoinSwitch Markets Desk:

BTC moved close to $71K after U.S. inflation and jobless claims came in line with expectations, but the data offered little new momentum for markets. Traders remain cautious, with futures funding rates around –7%, showing that many participants are still betting on downside.