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Bitcoin Falls Below $70K Again: 3 Key Reasons

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The flagship cryptocurrency has retreated from its recent momentum, slipping back into the month’s trading band beneath the $70,000 threshold after a roughly 5% decline over the past two days. Investors and traders are watching for how on-chain activity and derivatives signals align with price action, as data point to renewed selling pressure near the key level. Market participants also noted thinning spot volumes and shifting futures positioning, which together suggest a cautious stance ahead of the next price move. A four-hour view from a widely used charting platform captured the oscillation, underscoring a tussle between buyers aiming to reassert control and sellers eager to cap downside.

Key takeaways

  • Short-term holders realized profits aggressively as the price rallied above $74,000, with more than 27,000 BTC moving to exchanges from short-term holder wallets in the last 24 hours.
  • The profit-taking occurred predominantly from levels accumulated in the week prior, with the realized price sitting near $68,000 as selling activity intensified after the test of $70,000.
  • Futures data showed a broad pattern of selling pressure, with the cumulative volume delta turning negative in both spot and perpetual markets. Specifically, spot delta reached a sizable negative read of about –$202.49 million, while perpetuals hovered around –$185.60 million.
  • Coinbase-based liquidity signals showed demand cooling near critical inflection points; the Coinbase Premium Index briefly spiked above 0.08 during the rally to the $73,000–$74,000 range but faded as price retraced.
  • Analysts pointed to a nearby fair value gap around $66,500 as a potential magnet for liquidity, suggesting a zone where price could pause and liquidity could rebalance if downside pressure persists.
  • Market sentiment in late sessions reflected broader risk-off pressure across equities, with observers noting that Friday’s sessions often weighed on risk assets including the Nasdaq.

Tickers mentioned: $BTC

Sentiment: Neutral

Price impact: Negative. A renewed wave of selling near $70k and the negative CVD readings point to softer near-term momentum.

Trading idea (Not Financial Advice): Hold. The price remains in a narrow range around key support and resistance, with near-term liquidity considerations likely to dictate direction before a clearer breakout or breakdown.

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Market context: The latest price action comes as on-chain and derivatives metrics underscore a cautious mood among market participants. The combination of profit-taking from short-term holders, negative delta signals, and weakening US spot demand paints a picture of a market still determining a sustainable path above or below the $70,000 threshold, even as macro factors and risk sentiment continue to influence flows.

Why it matters

The current dynamics highlight how on-chain behavior and derivatives data can diverge from simple price movement. When more than 27,000 BTC in profit moves to exchanges from short-term holders within 24 hours, it signals a cohort that is willing to crystallize gains rather than let profits ride into further upside. That pattern, coupled with a realized price near $68,000, suggests the market could experience episodic selling pressure as traders rebalance risk in a choppy environment.

From a technical standpoint, negative delta readings across spot and perpetual futures imply that sellers have the upper hand in immediate order-flow dynamics. The negative CVDs indicate that the market’s buy-side interest is being overwhelmed by sell-side activity, which tends to coincide with price softness and a willingness to test support zones rather than push decisively toward new highs. This cadence of selling pressures can also be reinforced by liquidity dynamics around key liquidity pockets, such as the fair value gap noted near $66,500, where liquidity-minded traders expect price to revisit to re-establish balanced order books.

On the demand side, the Coinbase Premium Index’s retreat from the intraday spike above 0.08—while fleeting—highlights how demand can evaporate quickly as price moves past critical levels. The erosion of the premium suggests that the surge of Coinbase-based buying that once accompanied the move toward $74,000 did not sustain, contributing to a softer near-term outlook. Analysts have connected these micro-movements to broader risk-off impulses that have been altering how US participants approach risk assets, including equities tied to the tech-heavy Nasdaq.

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Looking ahead, observers are watching whether BTC can defend the $67,000–$68,000 zone as a near-term anchor or whether selling pressure intensifies to drive the price toward the lower bound of the current consolidation range. Titan of Crypto has highlighted a nearby fair value gap around $66,500 that could act as a magnet for liquidity should selling accelerate. Such a scenario would likely require a phase of cautious accumulation by larger holders before a renewed attempt at the $70,000 threshold. For now, the mood remains mixed: buyers are present, but the momentum needed to sustain a breakout above $70,000 remains uncertain. A related discussion online raises questions about whether the move to $74,000 was a bull trap, with traders diverging on the implications for a longer-term recovery.

Visual references to the market’s price action can be found in TradingView’s BTCUSDT chart, which has been used to illustrate the four-hour dynamics during this period. The broader context continues to unfold as market participants parse on-chain signals, futures data, and spot-market activity for clues about the next major step in BTC’s path.

Related: Bitcoin price drops to near $68K as US jobs weakness fails to rescue bulls

Note: This narrative summarizes market developments and does not constitute investment advice. Market conditions can change quickly, and readers should conduct their own research before making trading or investment decisions.

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What to watch next

  • Monitor BTC around the $66,500–$68,000 zone for possible liquidity-driven rebalancing.
  • Watch spot and futures delta for signs of a shift toward positive accumulation or further selling pressure.
  • Track Coinbase Premium Index movements to gauge whether demand from US-based participants re-accumulates near the $70k–$74k region.
  • Assess the influence of US macro data and risk-on/risk-off sentiment on a potential break above or below the current range.

Sources & verification

  • CryptoQuant QuickTake on STH selling pressure and profit transfers (27,000 BTC moved to exchanges in 24 hours).
  • IT Tech’s analysis of CVD movements in spot and perpetual futures (negative readings: spot around –$202.49 million, perpetual around –$185.60 million).
  • Coinbase Premium Index data showing decay after a brief spike near $73,000–$74,000.
  • Titan of Crypto’s analysis of a nearby fair value gap near $66,500 and liquidity considerations.
  • Related coverage: “Was $74K a bull trap? Bitcoin traders diverge on 2022 crash repeating.”
  • TradingView BTCUSDT four-hour reference chart for price action context.
  • Cointelegraph coverage referencing Bitcoin price dynamics near $68K amid US jobs data.

Bitcoin price action and near-term outlook

Bitcoin (CRYPTO: BTC) moved to test the lower end of its immediate range after failing to sustain a push above the $70,000 mark, a level that has repeatedly acted as a psychological magnet for bulls. The day’s price action reflected a tug-of-war between demand from speculators looking to re-enter momentum trades and longer-term holders who remain more comfortable booking profits at elevated levels. The substantial transfer of profits from short-term holders to exchanges underscored a cautious stance among market participants who prefer crystallizing gains rather than chasing further upside in a market that has shown fragility in the face of macro and sector-wide risk signals.

The negative delta readings in both spot and perpetual futures markets emphasize the immediate pressure that price action is facing. With bid liquidity pulling back and on-chain activity signaling profit realization, even a modest dip can invite additional selling, particularly if market participants recalibrate risk exposure in response to incoming macro data or shifting regulatory narratives. Yet the presence of liquidity in place—evidenced by the level of bids near a crucial support zone—suggests that a flush to the downside may be met with renewed accumulation rather than a wholesale capitulation, should demand return to the scene.

As the market digests these signals, a potential rebound could emerge if buyers manage to defend the $67,000–$68,000 area and push back toward the $70,000–$72,000 zone. The interplay between short-term profit-taking behavior and longer-term conviction will likely shape the next wave of liquidity provision, setting the tone for the next phase of the market’s evolution. Traders and researchers will be watching not only price levels but also the behavior of major on-chain cohorts and the evolution of sentiment across futures and spot markets, waiting for a clear sign that the current pullback is a temporary pause or the beginning of a more meaningful correction.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Crypto World

Bitcoin Bull Trap Forms as Bear Market Enters Mid-Phase, Willy Woo

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Crypto Breaking News

Bitcoin outlook remains mixed as on-chain analyst Willy Woo warns of a potential bull trap ahead of a broader downtrend return. In a Saturday post on X, Woo cautioned that a short-lived breakout could lure investors into believing a sustainable rally is underway, potentially persisting into the end of April. His assessment centers on liquidity dynamics rather than price levels, suggesting that if fresh capital returns with patient, long-term investors, the view could shift. The door for a test of resistance remains open, but the broader context continues to tilt toward a bear market narrative, with price action and flow data painting a sobering picture for near-term bulls.

From a long-range liquidity perspective, Bitcoin (CRYPTO: BTC) is described as being “solidly in the middle of its bear market.” Woo noted that after swift downward moves, BTC often enters a sideways phase during which resistance is tested but not decisively breached. The comments come as Bitcoin trades around $67,012, a level cited by market trackers after it slid from October’s all-time highs near $126,000. The retreat marks a loss of roughly 46.82% from the pinnacle, underscoring the depth of the bear cycle. While a brisk rally could form a temporary countertrend, the broader trajectory remains bearish until liquidity conditions brighten and longer-horizon buyers re-emerge with conviction.

Despite the fresh pullback and the struggling price action, some investors have pointed to a return of flows in a more constructive light. Woo has stressed that inflows from longer-term holders could alter the outlook, but the current signal is still dominated by liquidity constraints rather than outright bullish catalysts. Other analyses echo a cautious stance: Santiment highlighted a pattern where whales have been selling while retail buyers accumulate near the $70,000 zone, a dynamic that historically signals that the correction could extend further before a durable bottom is formed. The firm’s assessment, noted in commentary on the broader market, aligns with a tendency for significant holder activity to precede any sustained upturn rather than a rapid, self-sustained rally in the near term.

Bitcoin is “solidly” in the middle of a bear market

Willy Woo’s liquidity-centric view sits alongside a broader cadre of voices that view Bitcoin as mired in a structural bear phase. He argued that the most decisive moves tend to unfold after liquidity cycles shift—not solely after price tests or chart patterns. “Typically, after fast downward flushes like we have had, BTC likes to go sideways and mount a rally where resistance is tested,” Woo said, articulating a mechanism by which a surface-level bounce can obscure the continuing risk of a deeper retracement. For investors watching the tape, the implication is that any up-leg must be judged within the context of liquidity healing and the willingness of patient capital to participate meaningfully.

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Data points reinforce the bearish backdrop. Bitcoin has retraced from its October peak, and the market has witnessed a broad risk-off mood that has persisted through much of the current cycle. As of the time of publication, CoinMarketCap prices pegged BTC in the mid-$60,000s, reflecting the struggle to sustain a meaningful break above key resistance zones. The combination of a deeply entrenched downtrend and limited willingness among market participants to chase momentum complicates the odds of a durable recovery in the near term. The ongoing debate about whether this cycle marks the start of a new bull phase or a protracted bear market continues to polarize analysts, with some arguing for a secular low kind of consolidation before new highs can be revisited.

In a separate line of analysis, CryptoQuant underscored that “Bitcoin is still in a bear market despite the recent rally,” a reminder that price gains do not, by themselves, confirm a reversal of the longer-term trend. The nuance matters for traders who historically watch on-chain indicators for liquidity shifts and capitulation signals rather than purely price action. The fear-and-greed gauge recently registered a retreat into extreme fear after a brief uptick, echoing the sentiment that the market remains skittish and hesitant to commit capital at elevated levels. This confluence of factors — on-chain dynamics, whale/retail flow patterns, and volatility in sentiment measures — helps explain why a meaningful up-leg may still be contingent on a more favorable liquidity backdrop and a broader shift in risk appetite among investors.

As the debate rages over Bitcoin’s four-year cycle and whether a new all-time high is on the horizon, the current data paint a cautious picture. The bear-market narrative is not purely a price story; it’s a liquidity story, a pattern of holder behavior, and an evolving sentiment environment that must align before bulls regain the upper hand. The interplay between on-chain signals, macro backdrop, and investor psychology will likely dictate whether the next several weeks bring a durable shift or another retest of the bear-market lows.

For readers seeking points of reference, Bitcoin’s price references persist in the public data feeds and price trackers, with CoinMarketCap offering a widely cited snapshot of levels around $67,000 to $68,000 in the current window. The ongoing discourse among analysts, from Woo to Santiment and CryptoQuant, illustrates the spectrum of views on whether a relief rally can morph into a lasting reversal or will fade under the weight of liquidity constraints and risk-off sentiment. The market remains at a crossroads where the outcome hinges on the balance between sellers’ conviction and new real long-term capital entering the space, a dynamic that will be critical to watch in the weeks ahead. For context on how the broader ecosystem is reacting to these signals, the fear-and-greed gauge, as well as coverage of spot ETF activity and related liquidity shifts, offer additional layers of insight into potential catalysts or headwinds for BTC in the near term.

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Willy Woo’s perspective also sits within a wider chain of research into Bitcoin’s price dynamics and cycle theory. In particular, researchers have noted that the four-year cycle debate continues to generate discussion about whether macro timing, halving cycles, and investor behavior will align in a way that produces a new set of all-time highs. While the consensus remains unsettled, the prevailing view across a subset of on-chain analysts is that the market may see a period of consolidation and liquidity-driven volatility before any sustained upside materializes. The critical takeaway for traders is that the absence of a robust influx of patient capital reduces the probability of a clean breakout, even if a short-term rally captures attention and drives a temporary surge in volume.

Bitcoin is up 3.74% over the past 30 days. Source: CoinMarketCap

Related:Bitcoin relief rally hits wall as spot ETFs log $228M in outflows

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Bitcoin Falls 2% as Oil Prices Rally on Energy Shortage Fears

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Bitcoin fell nearly 2% within a 15-minute window on Sunday as oil surged on escalating Middle East tensions, underscoring how energy-market shocks can ripple into the crypto space. Data from the decentralized derivatives platform Hyperliquid showed crude prices jumping from about $95 to $113.7 per barrel shortly after U.S. futures markets opened, driven by Iraq’s warning that roughly 3 million barrels per day of production could be disrupted amid Iranian threats against tankers in the Strait of Hormuz. The move marked the steepest one-day spike in oil in years, and it came as traders weighed the broader risk environment. In the immediate crypto reaction, Bitcoin briefly fell from $66,960 to $65,725 before rebounding toward $66,272 as funding and futures trading kicked in after the open.

Hyperliquid’s oil data also captured a later cooling, with prices easing back to around $105 per barrel, offering some relief to risk-assets that had roiled in the wake of the invasion-era proxy tensions. The narrative around energy and risk sentiment was already dynamic, as last week’s surge followed a broader fuel-price rally triggered by U.S.-Israel actions against Iran and the ensuing regional countermeasures. The same period saw Bitcoin rally off a dip, climbing from sub-$64,000 levels to roughly $73,770 mid-week after earlier volatility tied to geopolitical headlines, only to retreat again as the latest flare-ups unfolded. The price action illustrates a pattern where macro shocks can impose quick, non-linear moves on a market that remains highly sensitive to risk-off dynamics.

In a separate layer of context, former U.S. President Donald Trump commented that the run-up in oil prices would be temporary, arguing that any advance would come down quickly. “We figured oil prices would go up, which they will. They’ll also come down. They’ll come down very fast,” he told reporters, signaling to investors that energy-market pressures might ease, though the practical transmission to crypto markets remains nuanced. The broader environment—characterized by geopolitical risk, commodity volatility, and macro uncertainty—continues to shape crypto price formation in ways that can amplify short-term moves even as long-term narratives remain undecided.

Last week’s activity had already highlighted Bitcoin’s sensitivity to geopolitical risk. By midweek, the benchmark crypto had moved from a sub-$64,000 base to a recent peak near $73,770, a swing driven in part by headlines on Iran and allied regional actions. The latest cycle, however, shows a retreat from those highs, with the weekend data painting a more mixed picture as oil markets swung on supply expectations and geopolitical headlines. The net effect for the sector is a reminder that Bitcoin—often framed as a hedge by proponents—continues to trade in step with broader risk-on and risk-off cycles, even as its decoupling thesis remains a point of contention for researchers and market observers.

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As traders digest the evolving scenario, several threads are converging: the reliability of energy supplies in a geopolitically tense region, the willingness of futures and options markets to provide liquidity during a flare-up, and the extent to which crypto markets price in these cross-asset risk factors. The oil-price path, with a peak well above $110 per barrel and subsequent consolidation around $105, acts as a barometer for how quickly risk appetite can toggle in digital-asset markets. For now, the price action around Bitcoin shows resilience after the initial decline, but the longer arc will depend on how the Strait of Hormuz risk evolves and how quickly production disruptions can be mitigated through alternative supply and policy responses.

Key takeaways

  • Oil spiked to $113.7 per barrel after the open, driven by Iraq’s warning of potential disruptions in roughly 3 million barrels per day of output due to Iranian threats against tanker traffic in the Strait of Hormuz.
  • Bitcoin traded a volatile path, dropping from about $66,960 to $65,725 during the early session before bouncing to roughly $66,272 as futures trading commenced.
  • Oil prices later cooled to around $105 per barrel, offering a partial reprieve for risk assets amid ongoing geopolitical risk considerations.
  • Bitcoin climbed through the prior week amid regional tensions, rising from below $64,000 to around $73,770, before retreating in the recent volatility cycle.
  • Trump signaled that the move in oil would be temporary, a stance that markets weighed as they assessed the persistence of energy-market pressure and its impact on crypto liquidity and investor risk sentiment.
  • The events underscore how energy-market dynamics and geopolitical risk can translate into rapid, cross-asset moves, including in digital assets and decentralized finance platforms.

Tickers mentioned: $BTC

Market context: The episode highlights how macro shocks—especially energy-market volatility tied to geopolitical frictions—can influence crypto liquidity and price action, even as investors weigh longer-term narratives around adoption, regulation, and institutional participation.

Why it matters

The weekend moves emphasize the ongoing sensitivity of digital-asset markets to macro developments. While Bitcoin has at times been framed as a hedge against traditional market risk, recent episodes suggest it remains intricately linked to broader risk sentiment, liquidity conditions, and policy signals. For traders and investors, the immediate takeaway is to monitor cross-asset channels—oil, credit, and equities—alongside crypto-specific indicators and on-chain signals to gauge potential follow-through in Bitcoin and related assets. Corporations, funds, and retail participants alike are watching how geopolitical risk translates into volatility across the crypto ecosystem, and how liquidity providers respond when traditional markets exhibit stress.

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From a risk-management perspective, the situation underscores the value of diversification and hedging strategies that can operate across asset classes. It also raises questions about the resilience of crypto markets during sustained energy-price shocks and the potential for spillovers from geopolitical risk into DeFi protocols and spot markets. As observers track the evolving narrative—from tanker-route tensions to potential diplomatic or policy steps—the overall message is that crypto markets remain a dynamic and reactive frontier, where macro headlines can rapidly redefine sentiment and price trajectories.

What to watch next

  • Oil price trajectory: Will prices stabilize near the $105–$110 range, or head higher if tensions persist or escalate further?
  • Bitcoin price path: Will BTC hold above crucial levels around the mid-60,000s, or test new support as macro risk continues to shape liquidity?
  • Geopolitical developments: Fresh statements or actions from Iraqi, Iranian, or regional actors that could affect oil flow and risk appetite.
  • Market messaging: Any new commentary from policymakers or major financial institutions that might recalibrate energy and crypto risk premia.

Sources & verification

  • Hyperliquid data on crude oil (OIL) price movements and intraday spikes in response to Middle East tensions.
  • Iraq’s public warnings regarding potential disruptions to production in the context of Iranian threats against tanker routes.
  • Bitcoin price moves described in the session, including the drop to $65,725 and rebound to $66,272 as U.S. futures opened.
  • Historical context of Bitcoin’s rally in the prior week during geopolitical developments, with prices rising toward $73,770.
  • Trump’s comments on oil-price dynamics and the implied expectation of a rapid reversion, as reported in the coverage.
  • Related coverage: Iranian crypto outflows spike after geopolitical events (linked in the source material) for cross-verification of crypto-market responses to cross-border tensions.

Market reaction and key details

Bitcoin (CRYPTO: BTC) movements during the latest flare-up illustrate how crypto markets respond to energy-market volatility and geopolitical risk. After a sharp intraday dip, BTC retraced higher as futures and spot liquidity interacted with macro headlines. The oil market’s swing from the mid-$90s to well above $110 a barrel and back toward the $105 level served as a backdrop for a crypto market that continues to navigate evolving liquidity conditions, central-bank expectations, and the broader risk-on/off environment. The interplay between oil shocks and digital-asset pricing remains a focal point for traders looking to understand the sensitivity of decentralized markets to traditional macro indicators.

Why it matters

The episode reinforces that crypto markets are not insulated from real-world risk factors. Energy-price volatility can alter risk appetite, liquidity provision, and cross-asset correlations, influencing how quickly traders move in and out of Bitcoin and other digital assets. For long-term holders, the event highlights the importance of monitoring macro headlines and cross-market signals, as short-term volatility can be driven by geopolitical developments even when fundamental narratives for the technology remain intact. For builders and investors, it underscores the need for robust risk management, liquidity planning, and diversification strategies that can weather multi-asset shocks as geopolitical dynamics evolve.

What to watch next

  • Watch oil-market action over the coming days for signs of sustained escalations or de-escalations, with attention to any new disruptions to supply or tanker traffic.
  • Monitor Bitcoin price levels around critical thresholds (in the 60k–70k area) and the depth of liquidity during U.S. market hours.
  • Track official statements and policy responses from Middle East stakeholders, which could alter energy-price expectations and risk sentiment.

Sources & verification

  • Hyperliquid’s oil-price feed and its reported intraday spike to $113.7/bbl and later retreat to around $105/bbl.
  • The Iraqi production-disruption warning related to Iranian threats against Strait of Hormuz traffic.
  • Bitcoin price trail: decline to $65,725 and rebound toward $66,272 as U.S. futures markets opened.
  • Mid-week Bitcoin rally to roughly $73,770 during the period of heightened geopolitical activity.
  • Public commentary from Donald Trump regarding the oil-price trajectory and expected quick normalization.
  • Related coverage on Iran-related crypto flows and broader regional developments for cross-verification of market responses.

Market reaction to oil shock and bitcoin price moves

In summary, the latest price action around Bitcoin and oil demonstrates the evolving dynamic between energy markets and digital assets. While Bitcoin has shown resilience at times, its short-term movements appear closely tied to macro risk signals, especially in moments of heightened geopolitical risk. As the situation continues to unfold, market participants should prepare for continued volatility and pay close attention to cross-market indicators that can illuminate the path forward for both energy prices and cryptocurrency prices.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Bitcoin Falls as Oil Prices Rise on Energy Shortage Fears

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Bitcoin Falls as Oil Prices Rise on Energy Shortage Fears

Bitcoin fell nearly 2% in just 15 minutes on Sunday while oil prices rose almost 20% as the escalating Middle East conflict prompted fears of a major supply shortage in the global energy market.

Data from decentralized derivatives platform Hyperliquid shows oil prices rose from $95 to $113.7 per barrel shortly after US futures markets opened, as Iraq warned that roughly 3 million barrels per day of production could be disrupted due to Iranian threats against tankers in the Strait of Hormuz.

It’s the highest price oil has reached since April 2022, a few weeks after Russia commenced its invasion of Ukraine, TradingView data shows. 

The price of oil rose more than 30% last week after the US and Israel struck Iran, leading the war-torn nation to counterstrike against several of its Middle Eastern neighbors.

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Bitcoin (BTC) fell from $66,960 to $65,725 by 10:30 pm UTC on Sunday as US futures markets opened before bouncing back up to $66,272 at the time of publication.

Hyperliquid data also shows that oil prices have cooled off to $105 per barrel.

Change in oil price since Wednesday. Source: Hyperliquid

Bitcoin climbed during the Middle Eastern conflict last week, which saw the death of Iranian Supreme Leader Ayatollah Khamenei, rising from below $64,000 to $73,770 by Wednesday.

But since then, Bitcoin’s price has fallen over the last four consecutive days.