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Cryptocurrencies once again prove that after the recent declines, which “liquidated” a significant number of positions in derivatives markets, their correlation with the traditional equity market remains limited. Naturally, this reduces short-term volatility in response to developments on Wall Street, but it does not automatically make cryptocurrencies beneficiaries of global risk-off sentiment.
- Bitcoin is rising today toward the $68,000 level, while Ethereum is up 2.5%, despite a sharp over 16% surge in oil prices and a cascading sell-off on Wall Street. Just a few months ago, many market participants would likely have considered such a scenario unlikely. Even the strong rally in the US dollar and higher bond yields have not yet triggered a downward impulse.
- It appears that demand remains strong enough to absorb supply at current levels. In the medium term, the key resistance zone remains around $74,000–$75,000, which corresponds to the 38.2% Fibonacci retracement of the downward move from mid-January and the 23.6% Fibonacci retracement of the decline that began in October 2025.
- On the downside, Bitcoin currently finds support in the $60,000–$63,000 range. Price reactions in this area have already shown several times that demand remains relatively strong there. However, another sharp move below $63,000 could open the door to a further strong wave of selling.
Bitcoin (D1 timeframe)
Source: xStation5
Originally written by: XTB
Source: XTB
Published on: 9 March 2026
Link to original article: Crypto news: Bitcoin gains despite sell-off on global markets amid oil spike
