As global tensions rattle risk markets, Bitcoin is nearing its longest stretch of declines in nearly four years.

Heightened geopolitical tensions are buoying the U.S. dollar and pushing crude oil higher, amplifying downside pressure across an already delicate crypto market.

Bitcoin is on track to register a fifth straight weekly decline — a sequence not seen since March to May 2022, when the asset endured nine consecutive weeks of losses.

By Thursday in Asian hours, the largest cryptocurrency by market capitalization was down about 3% for the week, trading below $67,000 according to CoinDesk data, and facing the prospect of another weekly close in the red.

Macro developments are reinforcing the technical fragility. The Wall Street Journal reported that the United States has concentrated its largest air power presence in the Middle East since the 2003 Iraq invasion. Although Washington is said to be prepared for potential strikes on Iran, President Donald Trump has not made a final decision. On Polymarket, traders currently price in a 27% chance that military action could occur before month-end.

The geopolitical backdrop has helped lift the dollar index to 97.7, its strongest reading since early February, while WTI crude has rebounded to $65 from Wednesday’s low near $62. A stronger greenback alongside rising oil prices typically dampens appetite for risk assets, increasing the likelihood that bitcoin will finish the week under pressure.

From its October peak near $126,500, bitcoin has now shed more than 50%, sliding to levels around $60,000.

On a monthly basis, the cryptocurrency has recorded five consecutive declines since October — its second-longest losing run on record, surpassed only by the six-month slump spanning 2018 to 2019.

Measured against gold, bitcoin has underperformed for seven straight months, marking its longest stretch of relative weakness versus the precious metal.