Bitcoin experienced sharp volatility on March 9, initially dropping to around $65,660 before recovering to trade above $67,200 in early morning trade in Asian markets. The cryptocurrency was marginally higher over the previous 24 hours as buyers stepped in after the early selloff.

The recent price fluctuation comes amid rising geopolitical tensions in West Asia and a sharp surge in global crude oil prices. Oil prices have climbed significantly as the conflict involving the United States Israel alliance and Iran intensified, raising fears of supply disruptions and triggering risk aversion across global financial markets.

Institutional flows into Bitcoin exchange traded funds in the United States remain a key factor supporting the market. Over the past two weeks, US spot Bitcoin ETFs recorded net inflows of approximately $568 million, following an earlier inflow of about $787 million. However, daily ETF flows have turned volatile with some outflows reported toward the end of the previous week.

From a technical perspective, analysts view the $63,700 level as a critical support zone for Bitcoin. A sustained break below this level could lead to further downside toward the next support area near $57,000, particularly if global risk sentiment weakens further.

Other major cryptocurrencies also posted modest gains over the past 24 hours. Ethereum, BNB, Solana, TRON, Dogecoin and Cardano traded higher, reflecting a partial recovery in broader digital asset markets following the early decline.