Bitcoin’s attempt to regain the $70,000 level has faltered once again, leaving the market trading near the middle of its recent range as geopolitical tensions continue to unsettle global investors.
The largest cryptocurrency briefly pushed higher earlier in the week before sellers drove prices back toward $67,000. Data compiled by CoinDesk shows bitcoin trading around $67,612 during Wednesday’s Asian morning session, down roughly 0.7% over the past 24 hours but still holding a 3.4% gain for the week as the recovery from weekend lows remains intact.
Among other major tokens, ether declined 2.2% to about $1,957, trimming part of its recent rebound but maintaining a weekly gain of 2.6%. BNB emerged as a relative outperformer, rising 5.2% over the past seven days to trade near $629.
Further down the market, losses were more pronounced. Dogecoin fell 2.9% over the past 24 hours and is now down 3.9% on the week. Cardano dropped 4.2% on the day and 3.5% over the past seven days. Solana slipped 0.8% to around $85.16 and remains the weakest major token on a weekly basis, still reflecting the impact of Saturday’s sharp sell-off. XRP showed relative stability, easing 1.3% to about $1.35 while holding a modest weekly gain of 1.5%.
Across the broader crypto market, most assets have rebounded from their weekend lows but have struggled to maintain Tuesday’s highs. The result is a holding pattern as traders await greater clarity around developments tied to tensions involving Iran and the broader reaction in traditional financial markets.
Wojciech Kaszycki, chief strategy officer at BTCS SA, said bitcoin’s rebound fits a typical pattern seen after sudden market shocks.
“BTC bouncing back to $70K looks like a classic shock, flush, rebuild move,” he said, noting that much of the weekend’s selling appeared to be forced during a period of thin liquidity. Once that pressure eased, prices recovered quickly. However, Kaszycki emphasized that the key signal going forward will be whether exchange-traded fund inflows remain consistent this week.
Meanwhile, Alex Kuptsikevich, chief market analyst at FxPro, warned that the latest rejection near $70,000 raises the possibility of a deeper correction. If bitcoin continues to struggle at the upper boundary of its range, he said a move toward $63,000 becomes a realistic scenario.
The broader macro environment is also weighing on sentiment. Asian equities fell sharply on Wednesday, with markets in South Korea posting their largest two-day drop since the global financial crisis as investors reacted to the escalating geopolitical situation.
Technology shares across the MSCI Asia Pacific Index declined roughly 4%, dragging major markets in Japan, Taiwan and South Korea lower. Meanwhile, the currency of India weakened to a record low as rising oil prices added pressure. Precious metals moved higher as well, with gold climbing and silver following for the first time this week.
Energy markets remain a key variable. Brent crude extended its rally even after the United States said it would escort tankers through the Strait of Hormuz, a vital global shipping route that has faced disruptions following recent strikes.
U.S. President Donald Trump also floated the idea of an insurance framework for oil tankers navigating the region, though details have yet to be clarified. Prolonged disruptions in the strait could keep energy prices elevated, feeding inflation concerns and potentially delaying interest-rate cuts — a development that would tighten liquidity conditions for risk assets such as cryptocurrencies.
Despite the recent volatility, some industry leaders maintain that bitcoin’s long-term narrative remains intact. Gracy Chen, CEO of Bitget, said bitcoin is gradually emerging as a potential reserve asset.
Many investors, she noted, still find it easier to allocate to gold due to its long-established history, while bitcoin remains relatively young and continues to carry a higher perceived risk.
Chen added that lingering disappointment from past crypto market downturns continues to weigh on sentiment. In her view, the current decline in bitcoin partly reflects that frustration, particularly as traditional assets such as equities and precious metals have recently reached new highs.
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