Bitcoin’s attempt to regain the $70,000 mark has once again faltered, leaving the market trading within its recent range as geopolitical tensions continue to unsettle global investors.

The largest cryptocurrency briefly pushed toward the upper end of its range earlier this week before slipping back to around $67,000. According to data compiled by CoinDesk, bitcoin was trading near $67,612 during Wednesday’s Asian morning session, down roughly 0.7% over the past 24 hours but still up 3.4% on the week as the rebound from weekend lows remains intact.

Among other major tokens, ether declined 2.2% to about $1,957, trimming some of its recent gains but maintaining a weekly rise of around 2.6%. BNB emerged as a relative outperformer, climbing 5.2% over the past seven days to trade near $629.

Losses were heavier among several altcoins. Dogecoin slipped 2.9% over the past day and is down 3.9% for the week. Cardano dropped 4.2% in 24 hours and 3.5% over the past seven days. Solana fell 0.8% to roughly $85.16 and remains the weakest major token on a weekly basis following Saturday’s sell-off. XRP held relatively steady, easing 1.3% to around $1.35 while posting a modest weekly gain of 1.5%.

Across the broader market, most cryptocurrencies have recovered from the weekend slump but failed to hold Tuesday’s highs, leaving prices range-bound as traders await clearer signals from traditional markets and developments tied to tensions involving Iran.

Wojciech Kaszycki, chief strategy officer at BTCS SA, said bitcoin’s rebound resembles a typical market response following a sharp shock.

“BTC bouncing back to $70K looks like a classic shock, flush, rebuild move,” he said, explaining that much of the weekend selling appeared to be forced amid thin liquidity. Once that pressure eased, the rebound came quickly. However, he noted that the more important signal will be whether exchange-traded fund inflows remain steady through the week.

Meanwhile, Alex Kuptsikevich, chief market analyst at FxPro, warned that repeated rejections near $70,000 could open the door to further downside. If bitcoin continues to struggle at that level, he said a move toward $63,000 becomes a plausible scenario.

The macro environment is also adding pressure. Asian equities dropped sharply on Wednesday, with markets in South Korea posting their steepest two-day decline since the 2008 financial crisis as the geopolitical situation rattled investors.

Technology stocks across the MSCI Asia Pacific Index fell about 4%, dragging markets in Japan, Taiwan and South Korea lower. Meanwhile, the currency of India weakened to a record low as rising oil prices weighed on the economy. Precious metals also advanced, with gold rising and silver following higher for the first time this week.

Energy markets remain a key focus for investors. Brent crude extended its rally even after the United States announced plans to escort tankers through the Strait of Hormuz, a crucial global shipping route that has faced disruptions since the weekend strikes.

U.S. President Donald Trump also proposed an insurance program for oil tankers navigating the region, though details remain unclear. If disruptions to the strait persist, higher energy prices could fuel inflation and delay expectations for interest-rate cuts, tightening liquidity conditions for risk assets such as cryptocurrencies.

Despite the near-term volatility, some industry leaders continue to emphasize bitcoin’s longer-term potential. Gracy Chen, CEO of Bitget, said bitcoin is gradually emerging as a potential reserve asset.

However, she noted that many investors still find it easier to allocate to gold due to its long history, while bitcoin remains relatively young and is still viewed as a riskier investment.

Chen added that lingering disappointment from past crypto market downturns continues to weigh on sentiment. In her view, the current decline in bitcoin partly reflects that frustration, especially as traditional assets such as equities and precious metals have recently reached new highs.