Bitcoin records the biggest series of falls since 2022

Bitcoin BTC $66,749.51 Mezo Wrapped BTC -1.56% Market capitalization $37.82 million VOL. 24 hours $1.05 billion has been falling for nine weeks in a row for the first time since the spring of 2022. As of Thursday, February 19, it had already lost about 3% and was trading below $ 67,000, which makes another «red» close of the week likely.

Macroeconomic and geopolitical factors are increasing pressure on the market. According to the Wall Street Journal, the United States has concentrated the largest air force in the Middle East since the invasion of Iraq in 2003. Amid possible strikes on Iran, the dollar index rose to 97.7, the highest since February 6, and the price of WTI oil rose from $ 62 to $ 65. A stronger dollar and higher oil prices traditionally put pressure on risky assets, including cryptocurrencies.

Since its October peak of almost $ 126,500, bitcoin has already dropped by more than half to around $ 60,000. On the monthly chart, it has recorded five consecutive declines, which is the second-longest series of falls in history after a six-month decline in 2018−2019.

Another indicator of weakness is the ratio to gold. Bitcoin has been declining against the precious metal for the seventh month in a row.

Thus, the cryptocurrency is facing a combination of technical and macroeconomic obstacles that could consolidate the negative trend and make the current decline the most serious since the previous crisis periods.