Bitcoin pulls back to $64,000 after hitting monthly high as bears take control
Bitcoin prices retreated to $64,000 following a monthly high of $65,500 as traders engaged in profit-taking and geopolitical tensions in the Middle East impacted broader markets. Meanwhile, altcoins experienced mixed performance, with some memecoins showing high volatility on new blockchain platforms.
Why it matters
The market movement illustrates the sensitivity of cryptocurrency assets to both macroeconomic geopolitical events and internal liquidity trends.
The shift to the downside comes after bitcoin rose to a monthly high of $65,500 on Wednesday, prompting some traders to take profits.
Altcoins PUMP and ZEC also declined, falling 4.4% each after Tuesday’s strong rallies faded, highlighting a lack of liquidity in both directions.
U.S. equities also lost ground. Futures on tech stock-dominant Nasdaq 100 index retreated by 0.25%, extending a downtrend that began 30 days ago.
One of the main catalysts for price action across all asset classes is the war in Middle East, with Iran launching attacks on U.S. military bases in neighboring Gulf states on Thursday and the U.S. continuing its wave of airstrikes.
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