Bitcoin struggles to hold $70 000

Bitcoin briefly dipped below the $70 000 level for the first time in over a week, as stocks sank and energy prices surged following renewed attacks on energy infrastructure in the Middle East.

The world’s largest cryptocurrency fell as much as 2.4% to $69 508 on Thursday, extending a decline from the previous day, when Bitcoin saw its largest drop in three weeks. Escalating tensions around the conflict in Iran have triggered a broad risk-off attitude across global markets, with Japanese equities suffering their longest slump since April and European equities falling across the board. US futures were lower.

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Brent crude prices surged as much as 7.2% to $115 a barrel on Thursday, while European natural gas rose as much as 35%. The moves followed Iranian attacks on a major liquefied natural gas site in Qatar.

“Bitcoin has likely run out of steam in the short term after dropping nearly 5% over the past 24 hours, with a pullback toward $65,000, a possible outcome in the coming days,” said Robin Singh, chief executive officer of crypto tax platform Koinly.

“Price action is likely to stay range-bound between $65 000 and $75 000 in the coming weeks, while a move to $80 000 would require a significant shift in sentiment and stronger bullish catalysts,” he added.

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