Bitcoin is on track 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 Asia time, the largest cryptocurrency by market capitalization is already down about 3% for the week, below $67,000, according to market data from CoinDesk, leaving it vulnerable to another weekly close in the red.
Macroeconomic pressures are adding 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 prepared to launch strikes against Iran, President Donald Trump has not made a final decision, and Polymarket bettors give a 27% chance of strikes occurring before the end of the month.
Geopolitical uncertainty has lifted the dollar index to 97.7, its highest level since February 6, while WTI crude oil has risen to $65 from Wednesday’s low of $62. A stronger dollar and rising oil prices typically weigh on risk assets, creating additional headwinds for bitcoin and reinforcing a negative weekly close.
Bitcoin has fallen 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.
Against gold, bitcoin is down seven consecutive months relative to the precious metal, its longest streak of underperformance in that pair.
