Mounting geopolitical jitters have Bitcoin heading toward its most extended losing streak since 2022.

Escalating geopolitical tensions are strengthening the U.S. dollar and lifting oil prices, deepening the strain on an already fragile cryptocurrency market.

Bitcoin is poised to notch its fifth consecutive weekly loss — a streak not seen since March through May 2022, when the asset slid for nine straight weeks.

As of Thursday during Asian trading hours, the largest digital asset by market capitalization is down roughly 3% for the week, hovering below $67,000 based on CoinDesk figures, and remains on track for another weekly close in negative territory.

Broader macro forces are compounding the chart-driven weakness. The Wall Street Journal reported that the United States has deployed its largest concentration of air power in the Middle East since the 2003 Iraq War. While Washington is said to be positioned for possible strikes on Iran, President Donald Trump has yet to make a definitive decision. Meanwhile, bettors on Polymarket assign roughly a 27% probability to military action taking place before the end of the month.

The rise in geopolitical uncertainty has driven the dollar index up to 97.7, its highest level since early February, while WTI crude oil has climbed to $65 after touching $62 on Wednesday. A firmer greenback combined with higher energy prices typically weighs on risk-sensitive assets, adding to the headwinds facing bitcoin and reinforcing the risk of another red weekly candle.

Bitcoin has now retreated more than 50% from its October all-time high near $126,500, falling to levels around $60,000.

On a monthly timeframe, the cryptocurrency has logged five straight declines since October — its second-longest losing stretch on record, surpassed only by the six-month downturn between 2018 and 2019.

Against gold, bitcoin has underperformed for seven consecutive months, marking its longest period of relative weakness versus the precious metal.

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