Bitcoin is attempting to stabilize around the $70,000 mark as rising crude oil prices and volatile stock markets heighten inflation concerns in the US. The cryptocurrency recently faced a swift rejection from its $76,000 high, leading to a sell-off below $70,000. Market technician Aksel Kibar noted the potential formation of a bearish wedge pattern, suggesting a possible decline towards $52,500 if the lower boundary breaks. The decline in Bitcoin's price coincides with a downturn in US stocks, driven by fears over inflation and geopolitical tensions involving the US, Israel, and Iran. The Kobeissi Letter highlighted a 50% chance of a US Federal Reserve rate hike by the end of 2026, contrasting with earlier expectations of rate cuts. Glassnode analysts reported that Bitcoin has returned to its range after briefly exceeding $75,000, with momentum waning and range conditions re-emerging.