Bitcoin is on track to post its fifth straight 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 has already fallen about 3% on the week, below $67,000, according to CoinDesk market data, leaving it vulnerable to another weekly red close.
Macro pressure is contributing to the technical weakness. According to the Wall Street Journal, the United States has assembled its largest concentration of air power in the Middle East since the Iraq invasion in 2003. While Washington is reportedly prepared to launch strikes on Iran, President Donald Trump has not made a final decision, with Polymarket bettors giving a 27% chance of strikes happening by the end of the month.
The geopolitical uncertainty has lifted the dollar index to 97.7, the highest level since February 6, while WTI crude has risen to $65 from Wednesday’s low of $62. A stronger dollar and rising oil prices typically weigh on risk assets, creating further headwinds for bitcoin, reinforcing a negative weekly close.
Bitcoin has fallen more than 50% from an October high near $126,500 to levels as low as $60,000.
On a monthly basis, bitcoin has recorded five straight moves since October, the second-longest losing streak ever, surpassed only by the six-month slide from 2018 to 2019.
Against gold, bitcoin has fallen for seven straight months against the precious metal, its longest stretch of underperformance in this pairing.
