Bitcoin steady above $70,000 as IEA proposes largest-ever oil reserve release

The largest cryptocurrency gained 7% from Monday's lows as energy price fears eased, with Asian equities rising 1.8% and Brent crude dropping below $90 for the first time since the war began. What to know : Bitcoin briefly climbed to about $71,600 before easing back near $70,000, as a sharp drop in oil prices revived risk appetite across global markets. The International Energy Agency has proposed its largest-ever release of crude reserves to counter Persian Gulf production cuts, easing fears of persistent inflation and slightly strengthening the case for Federal Reserve rate cuts later this year. Analysts say bitcoin is trying to break out of its recent trading range, with $70,000 as a key support and $73,000 as a crucial resistance level, while major altcoins trade mostly steady ahead of the Fed's March 17-18 meeting.