Key facts
- Bitcoin fell 4.5% to an intraday low of $65,700 on Wednesday.
- US spot Bitcoin funds saw $519 million in outflows on Wednesday, marking the 12th consecutive day of losses.
- Weekly outflows from spot Bitcoin funds reached $1.44 billion.
- Geopolitical tensions, including US attacks on Iranian targets and missile strikes on the US 5th Fleet headquarters, are contributing to market unease.
- Rising oil prices and inflation fears are impacting the Federal Reserve's interest rate cut outlook.
- Bitcoin is approximately 47% below its October 2025 peak of $126,000.
Bitcoin is being closely watched around the $60,000 support level as US-listed funds tied to the cryptocurrency experienced significant outflows, totaling $519 million in a single day and extending a streak of daily losses to 12 sessions, with weekly outflows reaching $1.44 billion. The cryptocurrency dipped 4.5% on Wednesday to an intraday low of $65,700 before recovering slightly. This downturn follows a broader market slide that began when Bitcoin fell below $73,000, exacerbated by new US attacks on Iranian targets and reports of missile strikes on the US 5th Fleet headquarters in Bahrain. These events have intensified market tension, contributing to fears about oil prices, inflation, and the Federal Reserve's interest-rate cut outlook. Bitcoin is now approximately 47% below its October 2025 peak of $126,000, with leveraged crypto bets totaling nearly $1 billion wiped out during a recent strike weekend. Brent crude oil prices climbed above $106 a barrel in mid-April 2026, further fueling inflation concerns. Diplomatic efforts are also strained, with Iran suspending ceasefire talks with the US after Israeli strikes in Lebanon, though US President Donald Trump stated talks were continuing. Technical analysts are focused on Bitcoin's ability to hold the $68,000 level, with a close below $65,000 potentially exposing the $60,000 level.