Bitcoin is on pace to record its fifth consecutive weekly loss, which would mark the first such streak since March to May 2022, when Bitcoin fell for nine consecutive weeks.
As of Thursday Asian time, the largest cryptocurrency by market capitalization was already down about 3% for the week, below $67,000, according to CoinDesk market data, leaving it vulnerable to another weekly red close.
Macroeconomic pressures add to technical weakness. According to the Wall Street Journal, the United States has amassed its largest concentration of air power in the Middle East since the invasion of Iraq in 2003. While Washington is reportedly ready to launch strikes against Iran, President Donald Trump has not made a final decision, with punters at Polymarket citing a 27% chance that strikes will take place by the end of the month.
Geopolitical uncertainty lifted the dollar index to 97.7, its highest level since Feb. 6, while WTI crude oil climbed to $65 from Wednesday’s low of $62. A stronger dollar and rising oil prices generally weigh on risk assets, creating additional headwinds for bitcoin, reinforcing a negative weekly close.
Bitcoin has declined more than 50% from its October all-time high near $126,500 to levels as low as $60,000.
On a monthly basis, Bitcoin has recorded five consecutive declines since October, the second longest losing streak on record, surpassed only by the six-month decline from 2018 to 2019.
Compared to gold, bitcoin is down for seven straight months against the precious metal, its longest period of underperformance in this pair.
