Bitcoin is retreating just days before the highly anticipated Halving event

Bitcoin (BTC) is grappling with the fallout from escalating tensions between Iran and Israel, which have cast a shadow over risk assets this week.

The world’s largest cryptocurrency experienced a 3.4% decline against the US dollar on Monday, closing at $63,318, marking its lowest closing price in nearly a month.

Today, Bitcoin has shown some signs of stabilization, although the BTC/USD pair saw a marginal 0.15% decrease to trade at $63,219 at the time of writing.

Subdued performance in exchange-traded funds (ETFs) has contributed to short-term bearish sentiment, with data indicating two consecutive days of outflows.

Bitcoin’s retreat from its all-time high in March comes just ahead of the next Halving event scheduled for Friday.

In a research note from JPMorgan (NYSE:JPM), analysts suggested that “recent weakness offers an attractive entry point,” not only for bitcoin but also for bitcoin mining stocks offering appealing relative valuations.

Ethereum (ETH) concluded Monday 1.7% lower against the US dollar following a volatile session where the ETH/USD pair fluctuated by 4.5% between intraday highs and lows.

Currently trading at $3,085, the pair has maintained stability after a flat morning session.

Bitcoin is down 10% week-on-week compared to Ether’s 15% dip.

In the broader altcoin market, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) tokens have all retreated by over 20% week-on-week, while BNB has remained relatively steady with a 5.6% decrease.

The global cryptocurrency market capitalization presently stands at $2.31 trillion, with bitcoin dominance at 54.1%.