Bitcoin drops under $71,000, ETH, DOGE slide as war-week rally runs into resistance

BTC surged nearly 12% from Saturday's lows before stalling, with Asia's benchmark equities index headed for its worst week since March 2020. What to know : Bitcoin briefly surged to $74,000 before pulling back to around $71,000, with the move up largely retracing war-driven losses and then giving back about a third of that rebound. Technical analysts say the rally stalled at a cluster of resistance around the 61.8% Fibonacci retracement and the 50-day moving average, with evidence that a short squeeze rather than fresh bullish conviction powered the spike. While major cryptocurrencies are still up on the week, a deteriorating macro backdrop tied to the Iran war, surging oil and a stronger dollar raises doubts about the durability of the crypto rally, making $70,000 key support and $64,000 the next downside level to watch.