Bitcoin remained steady above $70,000 on Wednesday, with the International Energy Agency (IE) proposing the largest crude reserve release in its history, exceeding the 182 million barrels released in 2022 after Russia's invasion of Ukraine. This move was a key factor in global markets, as oil prices have been key to global markets due to the Middle East conflict. Brent crude dropped below $90 per barrel on Wednesday after falling 11% in the previous session. FxPro analysts noted that bitcoin is forming higher local lows since the end of February, a sign of buyers gaining confidence within the range. The Fed meeting on March 17-18 is the next major event for the crypto market.