Bitcoin failed several times to break above $65,000 last week before dropping to $62,400, a two-week low, after the FOMC meeting triggered a roughly $3,000 correction. Geopolitical tensions in the Middle East have escalated with Iranian strikes on tankers in the Strait of Hormuz and US plans to attack Iranian energy assets, putting pressure on risk-on assets like bitcoin. Bitcoin ETFs recorded net outflows of $61.53 million last week, including over $265 million on Friday alone, reversing the previous three-week trend. The TD Sequential indicator shows a major sell signal on the 3-day chart, a pattern historically associated with BTC pullbacks in August. Conversely, the Nasdaq and South Korea’s KOSPI surged dramatically at the end of the week, with KOSPI gaining 18 %, and Michaël van de Poppe notes that the last time this happened, bitcoin rallied to $83,000.
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