At the end of a volatile week, the price of Bitcoin faced a price rejection at the $106,000 level, affected by geopolitical developments in the Middle East and escalatory statements from former U.S. President Donald Trump regarding Iran.
Bitcoin had recorded a significant rise early last week, surpassing the $110,000 mark on several occasions, but it failed to maintain this momentum and faced several rejections that led to a decline in price.
The latest of these attempts pushed the price below the $106,000 level, before the price rose again to $108,400 on Thursday, driven by optimistic investor movements.
However, the renewed escalation of tensions led to a rapid decline towards $103,000.
As the strikes and counterattacks continued, the price of Bitcoin regained some strength and rose above $106,000, before declining again following Trump's recent threats, in which he promised a strong response from U.S. forces to Iran.
Currently, the price of Bitcoin is trading above the $105,000 level with a market cap of less than $2.1 trillion, holding a 61.7% dominance over the cryptocurrency market.
As for alternative cryptocurrencies, they mostly recorded a slight decline throughout the day.
Ethereum's price remained above the $2,500 level despite the limited decline, while the prices of DOGE, BNB, LINK, XRP, and SOL fell by approximately 1%.
The HYPE currency was the weakest performer among major cryptocurrencies, declining by 5%, while Pi rose by a similar percentage, trading above $0.6 after a sharp drop recently experienced by the currency.
The AB currency saw a notable rise of 20%, qualifying it to enter the list of the top 100 cryptocurrencies.
The total market value of the cryptocurrency market has decreased by about $20 billion, reaching $3.38 trillion, according to data from the CG platform.
