Key TakeawaysBTC declined 3.1% to approximately $70,182 during Friday’s Asian sessionThe cryptocurrency momentarily reached a four-week peak of $74,000 Thursday before reversing courseCryptoQuant’s Bull Score Index registers merely 10 out of 100, indicating deep bearish conditionsThe rejection at $74,000 has market participants monitoring $60,000 as critical supportAmerican institutional demand has strengthened, though macroeconomic headwinds persistBitcoin experienced a significant retreat Friday following a brief surge to $74,000 the previous day, sliding to approximately $70,182 in Asian market hours.Bitcoin (BTC) PriceThe approximately 3.1% decline followed Bitcoin’s achievement of a four-week high on Coinbase Thursday, momentarily touching the 50-day exponential moving average before encountering selling pressure.Despite the retracement, Bitcoin maintains a weekly increase of roughly 7%.Escalating geopolitical tensions contributed to market stress. Coordinated US and Israeli military operations against Iran prompted retaliatory responses involving missiles and drones, with hostilities now extending into their seventh consecutive day.BREAKING: There is now a record 73% chance of US oil prices hitting $90/barrel this month, per Polymarket.Oil prices have not exceeded $90 since October 2023. https://t.co/jg2y0qtvbi pic.twitter.com/mWIpLT1FcK— The Kobeissi Letter (@KobeissiLetter) March 5, 2026The ongoing conflict has intensified concerns regarding petroleum supply routes through the Strait of Hormuz, a critical waterway responsible for approximately 20% of worldwide oil transportation. Crude oil valuations surged over 16% throughout the week.Elevated petroleum prices have amplified inflation anxieties, consequently diminishing market expectations for Federal Reserve monetary policy easing. This dynamic bolstered the US dollar, exerting downward pressure on risk-sensitive assets like Bitcoin.Bearish Indicators PersistBlockchain analytics provider CryptoQuant indicated Thursday that Bitcoin continues to exhibit bear market characteristics, notwithstanding the temporary price recovery.Their proprietary Bull Score Index, which synthesizes fundamental and technical indicators, currently registers just 10 out of 100. The analytics firm characterized the recent advance as “likely just a relief rally, not the start of a new bull phase.”Source: CryptoQuantNick Ruck, director at LVRG Research, attributed the rally to revitalized risk appetite and exchange-traded fund capital inflows, though noted it “quickly faced headwinds” as macroeconomic uncertainty and deteriorating momentum pressured valuations downward.Technical Analysis Suggests Downside RiskFrom a technical perspective, Bitcoin validated what market participants describe as a “failed auction” at the $74,000 resistance threshold. Price action briefly penetrated this level before sharply reversing and settling back beneath it.#Bitcoin LTF planI'm still looking for that pink box to get tapped in the coming weeks, but BTC must hold onto the 70K's this week and build a base first. Lose 70K and i will reconsider altogether.#Crypto #BTC https://t.co/2oEfJAgObI pic.twitter.com/m13jhSgsOi— AlphaBTC (@mark_cullen) March 5, 2026This price point coincided with the volume-weighted average price (VWAP), establishing a dual resistance configuration that ultimately proved insurmountable.With the value area high now compromised, market observers suggest a trajectory toward $60,000 — the prior weekly low — becomes increasingly probable should selling pressure intensify.Analysts at SwissBlock stated Friday that “momentum is flashing a critical shift,” noting Bitcoin is “exiting peak negative momentum.”Regarding demand dynamics, CryptoQuant observed a positive Coinbase Premium, indicating renewed acquisition activity from American institutional participants. Bitcoin spot demand from US market participants transitioned from contraction to expansion.Distribution pressure from active traders and long-term position holders has diminished following unrealized losses reaching magnitudes last observed in July 2022.Bitwise Asset Management disclosed a $233,000 contribution to Bitcoin open-source development initiatives, marking its second annual allocation linked to its spot Bitcoin ETF performance.Bitcoin was exchanging hands near $70,182 during early Friday trading.The post Bitcoin (BTC) Price Retreats to $70K as Geopolitical Tensions and Failed Rally Spark Concerns appeared first on Blockonomi.