Bitcoin nears three-week low as BTC price targets drop to $41K
Bitcoin grabbed downside liquidity as oil-supply pressure sent BTC price action below $66,500 to its lowest levels since March 9.
Bitcoin ( BTC ) neared three-week lows into Friday’s Wall Street open amid reports of Iran closing the Strait of Hormuz oil route.
Bitcoin reacts badly to fresh oil-supply threats ahead of Friday’s Wall Street open.
BTC price action hunts bid liquidity, continuing a week of low-time frame liquidity grabs.
Another bear flag threatens to send the market below $50,000, analysis says.
Data from TradingView showed BTC price action slipping below $66,500 ahead of the Wall Street open.
US stock futures trended down and US WTI crude oil eyed $97 per barrel as geopolitical tensions remained elevated.
Data from CoinGlass showed BTC/USD eating into a ladder of bid liquidity extending down to $65,000, with a wall of asks keeping price pinned below the $70,000 mark.
“$70-71k confirmed as resistance again,” trader Jelle wrote in analysis on X the day prior.
The latest market moves continued a theme of liquidity grabs seen throughout the week .
Continuing, crypto trader Michaël Van de Poppe said that he would not be “surprised” about further BTC price weakness into the March monthly candle close.
“Especially given that we're currently anticipating a potential sweep of the lows,” he told X followers on the day.
On longer time frames, market participants focused on a potential bearish support breakdown from Bitcoin’s second bear flag construction of 2026.
Previously occurring in January, the current bear flag has produced targets below $50,000 .
“Bitcoin setting up for a rising wedge sell signal,” veteran trader Peter Brandt warned on Wednesday, joining those calls.
