Crypto Market Running Out of Steam, Bitcoin and Others Collapse
Jakarta, CNBC Indonesia - The movement of the cryptocurrency asset market is beginning to enter a consolidation phase this week. Signals of de-escalation or easing of geopolitical tensions in the Middle East region are triggering adjustments in capital flows in the global financial markets.
Along with the easing of regional panic, the narrative of Bitcoin as an emergency safe haven asset is beginning to subside. On the other hand, traditional hedging assets such as gold are once again demonstrating their dominance. This sentiment transition is holding back Bitcoin’s upward momentum and bringing it back to a sideways movement around the $70,000 level.
Market Performance: Bitcoin and Ethereum Show Limited Movement
Based on the latest trading data, Bitcoin (BTC) is trading at $70,708.72. Although it recorded a slight daily gain of +0.40%, this main cryptocurrency asset booked a weekly correction of -4.87%.
This weekly decline is a reasonable indication of the reduced geopolitical risk premium that previously pushed prices above $72,000.
A similar situation is also seen in Ethereum (ETH)’s movement. This second-largest market cap asset is at $2,159.07, with a daily gain of +1.15% but still recording a weekly weakening of -7.59%.
The resilience of BTC and ETH at their respective psychological levels indicates that profit-taking actions are occurring in a measured manner without triggering panic selling.
Altcoin Dynamics: HYPE Records Significant Gain
In the altcoin sector, the price movements of most large-cap assets tend to be stagnant to weakening on a weekly basis. Binance Coin (BNB) and Solana (SOL) recorded minor daily increases of +1.00% and +0.92% respectively, but weekly they are still correcting around 4%.
A positive anomaly is seen in Hyperliquid (HYPE)’s movement, which recorded the highest daily gain among major assets, namely +7.56% to $40.39.
Meanwhile, other assets like Cardano (ADA) and Dogecoin (DOGE) also booked daily increases in the 1% to 2% range, although their weekly trends are still pressured by broader macroeconomic dynamics.
Geopolitical De-escalation and Gold Recovery
The main fundamental factor influencing the current market movement is the easing of geopolitical tensions. When the risk of open conflict decreases, the urgency for regional market participants to instantly move their liquidity to digital instruments like Bitcoin also diminishes.
This coincides with global gold price movements. After previously experiencing a correction to touch 4,098 due to sell-on-news actions amid peak tensions, gold prices have now rebounded to around 4,600.
The return of fund flows to gold confirms that institutional investors are beginning to rotate their portfolios back to conventional safe haven instruments as the crisis situation eases and oil prices start to surge quite high.
Market Outlook
With the easing of geopolitical sentiment, the market focus is now returning to fundamental indicators and global macroeconomic liquidity. Bitcoin’s position at $70,000 is still viewed as part of the consolidation range after a short-term rebound.
Long-term projections remain unchanged. The increases over the past few weeks do not indicate a solid macroeconomic trend reversal.
Based on the historical four-year cycle, the market is still on the price adjustment path. The main target for long-term accumulation remains conservatively in the $40,000 to $45,000 price range.
These levels are projected to form the cycle bottom expected in Quarter III or Quarter IV of 2026. Therefore, a cautious or wait-and-see approach in portfolio management remains the most recommended strategy at this time, as the current global dynamics’ uncertainty could potentially change the market direction at any time.