Bitcoin falls to $62,700, erasing weekly gains amid a broader sell-off in risk assets and geopolitical shifts.
Bitcoin slid below $63,000 on Friday, reversing earlier weekly gains as global risk assets faced selling pressure. The decline followed a 9% drop in oil prices and the signing of the U.S.-Iran peace deal, which dampened demand for speculative assets.
Analysts warn that a break below the $59,000-$60,000 support range could trigger further losses, with some traders targeting $45,000. The move contrasts with past cycles, as spot bitcoin ETFs and institutional inflows reshape market dynamics.
Market participants note that the shift may limit near-term rallies in altcoins, favoring tokens with revenue streams over speculative plays.