Analysis: High oil prices are suppressing Bitcoin's rebound, and the market remains cautious and wait-and-see.

According to Mars Finance, on March 20th, Decrypt reported that Bitcoin briefly rebounded above $71,000 before falling back to approximately $70,547. This rebound occurred after US Treasury Secretary Bessant proposed measures to address soaring oil prices. Bessant stated that the US is considering waiving some sanctions on Iranian oil tankers already at sea and further discussing the possibility of releasing strategic petroleum reserves. The previous day, Brent crude oil prices rose to $119 per barrel due to attacks on energy facilities in the Persian Gulf, causing Bitcoin to fall below $70,000 and triggering over $500 million in forced liquidations in the crypto market. Despite this, market participants remain cautious. Analysts warn that if the Strait of Hormuz, a key chokepoint for global energy supply, remains blocked for an extended period, oil prices could surge further to $200 per barrel. GSR Research analyst Carlos Guzman stated that Bitcoin's price movement is a second-order effect of rising energy prices: high energy prices may prompt the Federal Reserve to maintain high interest rates for an extended period, and high interest rates are "generally unfavorable for the crypto market" because a low-interest-rate environment typically leads investors to shift funds to riskier assets.