Svmuu News: Despite the surge in oil prices triggered by the situation in the Middle East, Bitcoins are still trading at around $67,000, with no signs of panic selling, suggesting the market may have bottomed out. Analyst Brian Brookshire noted, “The fact that Bitcoins have not fallen while the market is under widespread pressure is one of the strongest signals that the market has bottomed out.”During early Asian trading on Monday, WTI Crude Oil briefly rose to $119 per barrel, hitting its highest level since Russia’s invasion of Ukraine in 2022.Iraq warned that global crude oil production of approximately 3 million barrels per day could be affected due to Iran’s threats against oil tankers in the Strait of Hormuz. The Kobeissi Letter analysis noted that this situation represents “the largest oil supply shock in history,” with a daily loss of nearly 20 million barrels of crude oil supply.The surge in oil prices has intensified global inflation concerns, leading markets to expect that the Federal Reserve is highly unlikely to cut interest rates in 2026.Polymarket data shows that the probability of the Federal Reserve. keeping rates unchanged on March 18 is approximately 99%, with only about a 27% chance of a 25-basis-point rate cut. Keeping rates unchanged typically tightens financial conditions, boosts the dollar, and exerts short-term pressure on Bitcoin.Technically, although BTC/USD faced resistance at the $74,000 level, it still recorded its “first positive weekly candle in seven weeks” and formed an “inverted hammer pattern,” which may signal a potential bullish reversal.Nic, founder and CEO of CoinBureau, stated that this price action sends “potential bullish signals” to the market. (Cointelegraph)