- Bitcoin briefly fell below $70,000 amid Middle East tensions and narrow trading ranges
- The cryptocurrency dropped as much as 1.9% before recovering to around $70,000 in New York
- Bitcoin's price fluctuated 14% this week, ranging from $65,000 to over $74,000
Bitcoin briefly dipped below the $70,000 mark on Friday after trading in a narrow range for much of the session, as investors remained on edge over developments in the Middle East.
The world's largest cryptocurrency slumped as much as 1.9% on Friday before recovering slightly, changing hands at about $70,000 in early morning trading in New York. The token's price has swung as much as 14% over the course of the week, ranging from a low of around $65,000 on Monday to a peak of over $74,000 on Wednesday.
“The market is cooling after a mid-week surge, consistent with the trend of large capital selling on the growth,” said Alex Kuptsikevich, chief market analyst at FxPro. “The price jump is generating impressive speculative interest, allowing large players to carefully sell larger volumes over a long period without putting excessive pressure on the price.”
A selloff in global bonds deepened after a jump in oil prices on Friday morning, with European equities falling across the board and US stock futures trading lower. The yield on 10-year Treasuries rose ahead of Friday's payrolls report, a key event that crypto traders will watch with interest for signals on whether the Fed may cut interest rates later this month.
“Financial markets are signaling a degree of confidence in a relatively swift resolution and only temporary, and limited, economic disruption,” Kallum Pickering, chief economist at Peel Hunt, wrote in a note Friday. “But the outlook is still fluid, and thus, we need to brace for potential further escalation.”
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