Bitcoin Struggles Below $71,600 as Oil Climbs Toward $100 and Macro Risks Mount

Bitcoin is trading around the $70,000 area while crude oil approaches $100 per barrel, creating macro headwinds that are limiting BTC's attempt to push higher. Rising energy costs and renewed inflation concerns are weighing on risk assets, yet on-chain data shows long-term holders controlling about 73% of circulating supply and strong support forming between $60,000 and $70,000. Key technical levels now sit at resistance near $71,600 and support around $68,500, with a potential downside target near $60,000 if that floor fails.