Bitcoin fell below $70,000 this weekend after a weak US jobs report, and another jump in oil prices revived concerns about stagflation and pushed investors out of risky assets.
The largest cryptocurrency fell according to Crypto Slates data, less than a week after hitting a monthly high of nearly $74,000.
The move brought Bitcoin back below a closely watched price level for spot traders and derivatives markets, reinforcing how quickly macro shocks can spill over into crypto when liquidity conditions tighten.
A macro shock hits crypto
The February employment report gave BTC traders the first shock.
Data from the US Bureau of Labor showed that nonfarm payrolls fell by 92,000 in February 2026, the unemployment rate rose to 4.4%, average hourly wages rose 0.4% from the previous month, and wages rose 3.8% from a year earlier.
The combination pointed to a tougher environment for markets, with signs of slower growth without a clear break in wage pressures.
As a result, the market reaction followed a familiar pattern where rates fluctuated, stock futures weakened and crypto followed suit.
Essentially, traders did not view the labor report as a clear signal that the Federal Reserve could cut rates anytime soon.
Instead, the data raised the risk that inflation could remain persistent even if growth were to slow, an outcome that tends to destabilize investment markets.
That’s a tough setup for Bitcoin in the short term. When macro data forces investors to rethink growth, inflation and policy all at once, the first instinct is often to reduce exposure to liquid assets.
Bitcoin remains one of the most liquid risk trades in global markets, and that characteristic can work against it during periods of stress.
In locations where derivatives are heavily used, a decline could quickly intensify as lower prices lead to a forced exit and lead to more sales.
Oil compounds the policy problem
Meanwhile, oil prices gave investors another reason to remain defensive.
Timothy Misir, head of research at BRN, said CryptoSlate that oil prices rising above $110 per barrel should be included in the discussion as they have doubled in three months as the conflict in the Middle East escalated.
Facts from CryptoQuant links oil price movement to rising tension around the Strait of Hormuz, a chokepoint responsible for about 20% of global daily oil exports and nearly 35% of oil transported by sea.
Oil prices have risen more than 60% since the start of the year, a jump that could heighten inflation concerns and tighten financial conditions.
Also crypto trading firm QCP described the oil move as part of a broader deterioration in market sentiment.
According to the report, tensions in Iran failed to de-escalate this weekend, pushing oil prices above $115 on fears of continued supply disruptions through the Strait of Hormuz, broader instability in the Middle East and a conflict that could last longer than markets had hoped.
QCP said global stock markets turned defensive, adding that US Treasuries and gold also came under pressure as crude oil fueled inflation fears and pushed yields higher, leaving the US dollar as the favored defensive asset.
For Bitcoin, the oil shock matters because it directly contributes to the interest rate debate. Higher crude oil prices could reinforce inflationary pressures even as the labor market weakens.
That’s the kind of combination that clouds the Fed’s prospects and reduces confidence in near-term rate cuts.
In crypto, where sentiment can change quickly, that uncertainty is often enough to overpower longer-term stories about scarcity or adoption.
ETF flows and miner sales drive trading
The break below $70,000 is also important because Bitcoin’s market structure has changed over the past year.
The advent of spot ETFs expanded access to these assets, but also made daily price movements more sensitive to institutional flows.
During periods of strong demand, that structure can support stable spot purchasing. In periods of uncertainty, it can amplify weakness as allocators withdraw or change tactics.
US spot Bitcoin ETFs posted two consecutive weeks of inflows for the first time since October 2025, following back-to-back inflows of $787 million for the week ending February 27 and net inflows of $568 million for the broader period from March 2 to March 6.
This positive performance marked a significant turnaround for the investment vehicles, which had recently experienced five consecutive weeks of outflows totaling more than $3 billion.
However, the current inflows showed that the institutional bid had become less one-way, just as price action became vulnerable again.
Meanwhile, this shift has been accompanied by new evidence that miners remain a source of supply.
Misir pointed out that listed miners have sold more than 15,000 BTC since October.
According to him, Cango sold 4,451 BTC in February, Bitdeer liquidated its entire BTC treasury, and Core Scientific plans to sell about 2,500 BTC in the first quarter as some miners divert capital to AI infrastructure and data center expansion.
These sales do not necessarily set the price in themselves, but are important when broader liquidity is already tight.
Notably, CryptoQuant’s data shows little liquidity in the market and signs of tension in stablecoin flows.
The company noted that net stablecoin flows to exchanges had remained negative since the beginning of the year.
Binance showed monthly net flows of around -$2 billion, followed by Bitfinex at around -$336 million, although both figures had improved from -$6.7 billion and -$443 million on February 15.
QCP said Bitcoin has shown unusual resilience in that environment, a pattern the crypto market hasn’t seen in a while, even with the VIX above 29. The firm also pointed to options positioning looking less panicky than during the initial shock.
It said near-term downside protection was concentrated between $61,000 and $64,000, while a 500 BTC trade of the 24APR26 72k straddle suggested expectations for continued volatility.
QCP added that March’s highest open interest was at the $75,000 and $125,000 call strikes.
What should Bitcoin traders pay attention to now?
The employment data was not without caveats. The biggest wage declines were concentrated in a handful of areas, including health care, where the report identified strike activity along with information, and the federal government.
That raised the possibility that some of the weakness was the result of temporary disruptions rather than a broad collapse in hiring.
Still, investors are unlikely to wait for perfect clarity. Heather Long, chief economist at Navy Federal, said The US economy has lost jobs since April 2025.
She said total job growth between May 2025 and February 2026 is now -19,000, and companies are not hiring amid headwinds and uncertainty, while even healthcare is starting to slow.
For Bitcoin, the next step now depends on whether the labor shock proves to be temporary or becomes the start of a broader slowdown.
Much of that debate will focus on the next inflationary push and the Fed’s response. The US CPI for February 2026, scheduled for March 11, will be key to whether inflation declines quickly enough to offset weakness in the labor market.
The March 17-18 Federal Open Market Committee (FOMC) meeting will then determine how investors interpret the jobs report, either as noise or as the start of a more meaningful deterioration.
After that, the next jobs report on April 3 will serve as a confirmation test.
For now, the message from this weekend’s sale was clear. Bitcoin’s drop below $70,000 reflects broader macro forces: slowing growth, persistent wage pressures, higher oil prices, and a market that still treats Bitcoin as one of the first liquid assets to sell as uncertainty rises.