Bitcoin (BTC) is set to face its sixth consecutive "red" month as concerns grow about US inflation trends and global oil supply issues rise. This comes as Iran closes the Strait of Hormuz, raising concerns about global oil supplies. The US-Iran war is expected to extend into April, and the 10-year Treasury note is at its highest levels since the war began, presenting a significant challenge for the Federal Reserve as it attempts to tame inflation. Meanwhile, Bitcoin traders are wary of the potential lows with $70,000 back as resistance.