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Bitcoin sold off below $70,000 on Friday, leading analysts to conclude that this week’s breakout to $74,000 was a relief rally rather than a longer-lasting sign of a trend change.

Profit-taking by short-term Bitcoin traders accelerated the BTC drop below $70,000, but spot and futures traders may kickstart a quick recovery.

In a Cointelegraph interview, Arthur Hayes explains why global markets may not be pricing in a longer war in the Middle East, and what that may mean for energy prices, liquidity and Bitcoin.

Bitcoin erased its latest breakout attempt after hitting $74,000 as surprisingly weak labor-market data offered no tailwind to crypto or risk assets.

Prediction markets are prone to insider trading vulnerabilities. Geopolitical contract spikes ahead of public news undermine credibility and block institutional adoption.

Bitcoin’s rebound to $74,000 sparked disagreement among traders as opinions diverged on whether the BTC price bottom is behind us.

Bitcoin exchange withdrawals spiked to more than $2 billion of BTC on Wednesday, with analysis eyeing a potential major spot buy.

“Even after the recent price rally, fundamental and technical indicators still point to a bear market environment,” said CryptoQuant.