Bitcoin Struggles to Break $71K Amid Market Uncertainty

[etfs]

Bitcoin perpetual futures annualized funding rate. Source: Laevitas.ch

Bitcoin (BTC) failed to surpass the $71,000 mark on Thursday, partly due to declines in the US stock market. Funding rates for Bitcoin perpetual futures dropped deeper into negative territory, indicating strong conviction from bears, while steady institutional buying helped prevent a sharper sell-off. Traders are cautious, with some forecasting a potential retest of $66,000.

The broader macroeconomic environment is also weighing on BTC. Rising gold prices and higher US government bond yields make alternative stores of value more attractive, reducing Bitcoin’s appeal. Meanwhile, geopolitical tensions, including fears of a prolonged conflict in Iran, add further uncertainty to global markets.

[madtrader]

BTC vs macro markets right now is basically Godzilla vs the army everyone’s scared but it’s still standing