Bitcoin slipped to $64,000 on Thursday, retreating from a monthly high of $65,500 as traders took profits and fresh geopolitical tensions rattled markets. The pullback erased gains from earlier in the week and pushed most major tokens into the red.
Profit-taking after the high
After hitting $65,500 earlier this week, some traders decided to cash out. That selling pressure helped drive the price down. It's a familiar pattern: a sharp run-up often triggers a wave of profit-taking. This time was no different. The move lower was swift, knocking Bitcoin off its monthly peak within hours.
Iranian strikes add to the pressure
Then came the news of fresh Iranian strikes on U.S. bases. Crypto markets, like traditional ones, tend to turn risk-off when geopolitical tensions spike. The strikes sent a chill through the market. Bitcoin wasn't the only asset affected — stocks also dipped, and safe havens like gold saw a brief bid. But for crypto, the timing wasn't great. It was already vulnerable after the profit-taking, and the geopolitical jolt pushed it further down.
Bears in control
Bears are leading price action across most tokens now. Altcoins are down across the board. The overall sentiment has shifted from cautious optimism to outright bearishness. Traders are watching to see if Bitcoin can hold the $64,000 level. If it doesn't, the next support could be a lot lower. For now, the bears have the upper hand.
