Bitcoin Retreats Below $72,000 as Tech Software ETF IGV Surges 9% in Five Sessions

Bitcoin experienced a nearly 2% decline over 24 hours to approximately $71,400 on Thursday, retreating from earlier weekly gains. This pullback coincided with broader equity market weakness, influenced by the ongoing Iran conflict, which saw oil prices rise 5.3% to $78.70 per barrel. Despite the general market downturn, the iShares Expanded Tech-Software Sector ETF (IGV) surged 2% on Thursday, marking a 9% increase over five sessions, decoupling from Bitcoin's correlation, as noted by Maelstrom CIO Arthur Hayes. Traders are reportedly trimming risk ahead of Friday's U.S. February jobs report. CME interest rate markets currently assign an 88% probability that the Federal Reserve will maintain unchanged rates at its upcoming March and April meetings. Analysts from Wintermute and Bitfinex highlight approximately $2 billion in recent spot Bitcoin ETF inflows, alongside firmer spot market strength and stabilizing volumes, as key supporting factors for the cryptocurrency.