Bitcoin Experiences Five Consecutive Weeks of Decline for the First Time Since 2022! Here Are the Details

Bitcoin is on the verge of experiencing a five-week losing streak for the first time since 2022. A similar scenario was last seen in 2022, when the cryptocurrency lost value continuously for nine weeks between March and May.

In addition to the current weak technical outlook, macroeconomic conditions are also putting pressure on Bitcoin. Amidst increasing geopolitical uncertainty, news of possible US airstrikes against Iran has strengthened risk-aversion sentiment in the markets.

As a result of these developments, the Dollar Index (DXY) rose to 97.7, while the price of WTI crude oil climbed to $65. Analysts point out that the strengthening dollar and the increase in energy prices are increasing downward pressure on risky assets.

The price of Bitcoin has fallen by more than 50% since its all-time high of $126,500 recorded in October last year, dropping to the $60,000 range. The downward trend is also noticeable on a monthly basis: Bitcoin has continuously lost value for the past five months, marking the second longest losing streak after the six-month decline in 2018-2019.

On the other hand, Bitcoin’s performance against gold continues to be weak. According to the report, the BTC/gold pair has declined for seven consecutive months, indicating a strengthening preference for safe-haven assets among investors.

*This is not investment advice.