Rising geopolitical frictions are strengthening the U.S. dollar and driving oil prices higher, adding fresh strain to an already unsettled cryptocurrency market.

Bitcoin is approaching its fifth consecutive weekly loss — a run not seen since March to May 2022, when the asset posted nine straight weeks of declines.

During Thursday’s Asian session, the largest cryptocurrency by market capitalization was down roughly 3% on the week, trading below $67,000 according to CoinDesk data, and remains at risk of closing out another week in negative territory.

Macro forces are compounding the technical weakness. The Wall Street Journal reported that the United States has assembled its largest concentration of air power in the Middle East since the 2003 Iraq invasion. While Washington is said to be positioned for possible strikes on Iran, President Donald Trump has yet to make a final decision. On Polymarket, bettors currently assign a 27% probability to military action taking place before month-end.

The escalation in tensions has lifted the dollar index to 97.7, its highest level since early February, while WTI crude has climbed to $65 after dipping to $62 the previous day. A firmer dollar combined with rising energy prices typically weighs on risk-sensitive assets, reinforcing downside pressure and increasing the likelihood of another red weekly close for bitcoin.

Since peaking near $126,500 in October, bitcoin has fallen more than 50%, touching lows around $60,000.

On the monthly chart, bitcoin has recorded five straight declines since October — its second-longest losing streak on record, exceeded only by the six-month downturn between 2018 and 2019.

Relative to gold, bitcoin has now underperformed for seven consecutive months, marking its longest stretch of weakness against the precious metal in that pairing.