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Bitcoin dropped on Thursday, although it remained within a multi-month price range.
The cryptocurrency reacted to renewed geopolitical concerns following recent remarks from Donald Trump.
The rhetoric about intensified tensions in the Middle East triggered a broader risk-off sentiment.
Oil prices surged, while the US dollar and Treasury yields moved higher, amid rising inflation expectations and prospects of a more cautious Federal Reserve.
Institutional flows have also turned negative. Spot Bitcoin ETFs recorded nearly USD 174 million in outflows, highlighting a pullback in institutional participation during this period of heightened uncertainty.
Looking ahead, Bitcoin’s direction will remain closely tied to geopolitical developments and macro data in addition to the rapidly changing expectations around the direction of monetary policy. Upcoming US labour market report could be pivotal, as stronger data could push yields higher and increase pressure on bitcoin, while weaker figures could temporarily support the cryptocurrency.
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