The crypto market is under pressure again after a brief recovery attempt earlier this week. Bitcoin had surged toward $73,000, sparking optimism that the broader market could regain bullish momentum heading into March. That optimism did not last long. As of March 7, the crypto market has turned lower again. Bitcoin has dropped toward $68,000, Ethereum price is trading near $1,976, and XRP has slipped toward $1.36.
The latest decline comes as traders react to a combination of macroeconomic shocks, including surging oil prices, a surprisingly weak U.S. jobs report, and a wave of leveraged liquidations across crypto derivatives markets. Together, these forces have pushed investors into a risk-off environment, explaining why the crypto market is down today.
Macro Shocks Hit Risk Assets
One of the major triggers behind the market decline is rising geopolitical tension in the Middle East. Concerns about disruptions in the Strait of Hormuz, a critical shipping route responsible for roughly 20% of global oil supply, have pushed energy markets sharply higher. As a result, Brent crude oil surged above $91 per barrel, marking a sharp weekly increase.
Higher oil prices typically increase inflation pressure and reduce expectations of near-term interest rate cuts from central banks. When interest rates remain elevated, risk assets such as cryptocurrencies often face renewed selling pressure.
Weak U.S. Jobs Data Adds to Market Uncertainty
Another catalyst weighing on the crypto market is the latest U.S. labor market report. The February Nonfarm Payrolls report showed the U.S. economy lost roughly 92,000 jobs, a sharp miss compared with expectations for job growth. Meanwhile, the unemployment rate climbed to around 4.4%, signaling signs of a cooling labor market.
The weak data has increased fears of economic slowdown while inflation risks remain elevated due to rising energy prices. For crypto markets, which tend to react strongly to global liquidity conditions, the combination of slowing growth and persistent inflation has created additional uncertainty.
$302M Liquidations Accelerate the Crypto Sell-Off
The latest drop in prices has also been intensified by large liquidations across crypto derivatives markets. According to Coinglass data, more than $302.75 million in crypto positions were liquidated in the past 24 hours.
Bitcoin accounted for the largest share of liquidations at roughly $132.79 million, followed by Ethereum with about $63.73 million, while the remaining liquidations were spread across various altcoins.
Such liquidation cascades occur when leveraged traders are forced to close positions after prices move against them. This forced selling often amplifies market declines and increases volatility.
Bitcoin Price Analysis: Key Levels To Watch
After briefly touching $73,000 earlier this week, BTC price failed to sustain its bullish momentum and has now retraced toward the $68,000 level. Technically, the $67,000–$68,000 region now represents a critical support zone. This area previously acted as a demand region during the recent consolidation phase and may determine the next direction for the market. If buyers manage to defend this level, Bitcoin could attempt a rebound toward $70,000 and $72,000. However, a decisive break below $67,000 could open the door for a deeper correction toward the $65,000 support level.
Ethereum Price Analysis: Can ETH Reclaim $2,200?
Ethereum has also moved lower alongside Bitcoin and is currently trading around $1,976, slipping below the important $2,000 psychological level.
The $1,850–$1,900 zone now acts as a key support range for Ethereum. If buyers manage to defend this area, the asset could attempt a recovery toward $2,080 and $2,200. However, if bearish pressure continues, ETH may revisit deeper support near $1,850, which previously served as a strong demand region.
XRP Price Analysis: What’s Next for XRP?
XRP is also experiencing mild downside pressure as the broader crypto market weakens. The token is currently trading near $1.36, consolidating after failing to extend its earlier recovery. The $1.30 level now represents a critical support level. If this zone holds, XRP could attempt another move toward $1.45 and $1.50. However, if Bitcoin continues to decline and broader market sentiment weakens, XRP could revisit the $1.20 support zone before buyers step in again.