Bitcoin price fell below the $70,000 level on Thursday, pressured by a surge in energy prices and a steady stance from the Federal Reserve that reinforced a stronger dollar and dampened appetite for risk assets.

The largest cryptocurrency traded near $69,500, extending losses from the prior session as crude oil markets spiked amid escalating conflict in the Middle East. Brent crude climbed above $114 per barrel, while Oman crude surged as high as $150, reflecting fears of supply disruptions after attacks on key energy infrastructure tied to tensions between Iran and Israel.

The macro shock rippled across markets. European natural gas futures jumped sharply, while Nasdaq-100 equity…

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