Bitcoin is approaching its first five-week losing streak since early 2022, currently trading around $60,000 after falling more than 50% from its all-time high. This downward momentum is influenced by technical weaknesses and macroeconomic challenges, including a rising Dollar Index and geopolitical tensions like potential U.S. airstrikes on Iran. Bitcoin has also experienced extended bearish trends over recent months, including a five-month monthly decline and weak performance against gold for seven months.

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