Bitcoin price steadied this week after a burst of volatility tied to tensions in the Middle East and a surge in oil prices. As of this morning, the bitcoin price is around $70,000 after being above $71,000 in early trading. 

The turbulence began over the weekend when disruptions near the Strait of Hormuz pushed crude oil above $100 per barrel. Risk assets across global markets reacted to the shock.

Bitcoin price fell alongside equities during the initial sell-off, sliding into the mid-$60,000 range before finding support.

Bitcoin price finds support

The pullback triggered a wave of on-chain activity. Blockchain data from Glassnode shows nearly 600,000 BTC changed hands between…

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