Bitcoin faces first 5-week losing streak since 2022

Bitcoin is on the verge of its first five-week losing streak since 2022, CoinDesk reported. In 2022, the cryptocurrency fell for nine consecutive weeks between March and May. The outlet explained that in addition to current technical weakness, the macroeconomic environment is also creating headwinds. Amid geopolitical uncertainty, including reports of the U.S. preparing for airstrikes on Iran, the Dollar Index has risen to 97.7 and WTI crude oil has climbed to $65, putting downward pressure on risk assets like Bitcoin. The report added that Bitcoin has fallen more than 50% from its all-time high of $126,500 last October, dropping to around the $60,000 level. On a monthly basis, it has also declined for five consecutive months, marking its second-longest bearish trend after a six-month decline in 2018-2019. Its performance against gold has also been weak for seven consecutive months.