Weekly Bitcoin Forecast: Will Bitcoin price hit a 20-month low, and will this decline continue?

Bitcoin price has fallen 5% so far this week, reaching a new yearly low of 58115 dollars and a low since October 2024.
Spot ETFs listed in the US recorded $1.35 billion in outflows through Thursday, marking the seventh consecutive week of withdrawals.
Geopolitical uncertainty and the Federal Reserve's hawkish policy continue to dampen risk sentiment, negatively affecting Bitcoin price.

Bitcoin (BTC) price edged up to $66,000 on Friday, after hitting a yearly low of $58,115 earlier this week, the lowest since October 2024. Institutional selling intensified as ETFs recorded net outflows of $1.35 billion through Thursday. Additionally, geopolitical uncertainty and the Federal Reserve's hawkish stance continue to weigh on risk appetite, keeping Bitcoin under pressure.

Middle East tensions pressure Bitcoin
Bitcoin price remained under pressure this week, losing over 5% as traders assessed conflicting signals from various parties involved in the Middle East conflict.

The week started with slight progress in US-Iran peace negotiations, initially improving market sentiment. However, in the second half of the week, news emerged of an attack by Iran's Revolutionary Guard on a Singapore-flagged cargo ship in the Strait of Hormuz, renewing concerns about the sustainability of the preliminary US-Iran peace agreement.

Meanwhile, ongoing tensions between Israel and Lebanon kept geopolitical uncertainty high. Israel continues its attacks on southern Lebanon, while Prime Minister Benjamin Netanyahu states that the Israeli army 'will not withdraw' from occupied areas.

These developments have kept uncertainty at a high level, negatively affecting risk-sensitive assets like Bitcoin, which remained under pressure and hit a new yearly low of 58115 dollars this week.
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