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Bitcoin targets $73,000 as crypto bounces despite oil price jitters

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Bitcoin price outlook: buy signals appear
Bitcoin Price
  • Bitcoin is charging toward $73,000 amid a fresh decoupling from the stock market.
  • The surge in BTC price comes despite fears around escalating oil prices.
  • Ethereum, XRP, and Solana are also eyeing momentum as traditional assets falter.

Bitcoin climbed past $72,500 on Friday, extending gains ahead of the Wall Street open.

The cryptocurrency had earlier broken above $72,000 after buyers pushed it out of a consolidation range below $70,000.

The move came as digital assets appeared to shrug off a broader sell-off in equities.

At the time of writing, Bitcoin was trading around $72,518, up roughly 4% over the past 24 hours.

The rally to intraday highs came even as Asian stocks declined and S&P 500 futures slipped amid heightened geopolitical tensions.

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Ethereum followed Bitcoin higher, touching intraday highs near $2,157.

Other major altcoins, including XRP, Solana, and BNB, also posted gains around key price levels.

BTC eyes $73k

Analysts attribute BTC’s uptick to crypto’s resilience in recent weeks despite the slump in sentiment following Israel and the United States’ attack on Iran.

While the war and the blockade of the Strait of Hormuz have stoked fears of inflation amid soaring oil prices, on-chain data suggests whales have used the dip for accumulation.

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The crypto market has largely weathered the initial storm of the Iran war, and analysts are pointing to fresh decoupling from broader risk asset sentiment.

Amid this potential momentum buildup, Bitcoin is targeting its highest level in nearly two weeks.

After dipping to lows of $63,000 on February 28, BTC pumped to above $74,000 on March 4.

Bitcoin Price Chart
Bitcoin price chart by TradingView

Four consecutive red days saw bears push the bellwether crypto asset to lows of $65,000.

Since then, it’s been up on the daily chart as bulls target a fifth green candle.

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If this happens, a breakout above $73,000 could bring the $75k-$78k region into play.

The 100-day simple moving average could offer the next resistance zone around $81,162.

Why could BTC see a sharp pullback?

This downside outlook aligns with potential fragility catalysed by geopolitical uncertainty and global oil pressures.

According to analysts, higher prices reinforce inflation risks and constrain risk appetite as yields rise and the US dollar strengthens.

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Meanwhile, BTC and crypto may also face a downturn in momentum as investors slash odds of immediate Fed rate cuts.

Glassnode highlighted this picture via X:

“An accumulation cluster is forming in the $62k–$72k range. However, its intensity is modest relative to prior phases that preceded sustained expansions. Conviction is building, but the foundation for a mid-term breakout remains thin so far.”

Investors could thus go for profit-taking.

On the downside, immediate support lies at the psychological support level at $70,000. A stronger floor could be at prior lows near $66,250.

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Crypto World

Authorities Dismantle SocksEscort Proxy Network and Crypto Fraud

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Authorities Dismantle SocksEscort Proxy Network and Crypto Fraud

US and European authorities said Thursday they had disrupted SocksEscort, a malicious proxy service used by cybercriminals to hide their identities while carrying out fraud, including cryptocurrency account takeovers.

The DOJ said the service compromised at least 369,000 routers and other internet-connected devices in 163 countries, giving cybercriminals control over proxies that hid their true IP addresses.

The platform reportedly enabled crimes, including bank fraud and cryptocurrency account takeovers, since 2020. In one case cited by prosecutors, a victim in New York lost roughly $1 million in cryptocurrency.

Authorities said they seized 34 domains, disrupted about two dozen servers across seven countries and froze about $3.5 million in cryptocurrency linked to the operation.

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The network received at least $5.7 million from users

To access the proxy service, customers used a payment platform that allowed them to purchase it anonymously with cryptocurrency, according to a statement by Europol.

Investigators estimate that SocksEscort received at least 5 million euros ($5.7 million) from its users.

“Proxy services like ‘SocksEscort’ provide criminals with the digital cover they need to launch attacks, distribute illegal content and evade detection,” Europol Executive Director Catherine De Bolle said.

Source: The Hacker News

“Operations like this show that when investigators connect the dots internationally, the infrastructure behind cybercrime can be exposed and shut down,” she added.

The operation involved agencies from multiple countries

The takedown was part of a coordinated international effort that included law enforcement agencies from Austria, France, the Netherlands, Germany, Hungary, Romania and the US.

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The FBI Sacramento Field Office, the Department of Defense Office of Inspector General’s Defense Criminal Investigative Service, and IRS Criminal Investigation Oakland Field Office were among the US agencies involved. Europol and Eurojust provided investigative and operational support for the cross-border operation.

Related: Sweden probes reported leak of e-government platform source code

The DOJ also acknowledged the assistance of Black Lotus Labs, the threat intelligence unit of the US telecom company Lumen Technologies, and the nonprofit organization Shadowserver Foundation, which provided technical intelligence during the investigation.

According to The Hacker News, SocksEscort relied on malware known as AVrecon, details of which were publicly documented by Black Lotus Labs in July 2023.

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