TLDR
- Bitcoin fell to a three-day low of $64,799 on Thursday, July 23
- Trump threatened to launch a “large-scale attack” on Iran in the wake of Houthi attacks on Saudi oil tankers
- The price of Brent crude exceeded $100 per barrel, raising inflation fears
- Odds of a July Fed rate hike jumped from 12% to nearly 40% in one week.
- Traders are divided, with some targeting $73,000 while others call for short positions below $65,000.
Bitcoin fell below $65,000 on Thursday as geopolitical tensions between the United States and Iran rattled risk assets across the board.
The BTC/USD pair hit a three-day low of $64,799 on Bitstamp, down 1.52% on the day, according to TradingView data.
The selling was sparked by comments from US President Donald Trump, who said he was “considering a full-scale attack” on Iran. These statements came after Iran-backed Houthi rebels attacked Saudi oil shipping ships in the Red Sea.
BREAKING: Trump announced that the United States is about to carry out a large-scale attack on Iran that is “far larger than Operation Epic Fury and larger than any attack that has ever been carried out before,” saying “we are all prepared for it,” and “we are about to make a decision,” Trump told Axios.
This comes as Israel…
— Hormuz Letter (@HormuzLetter) July 23, 2026
Trump posted on Truth Social that he was “very disappointed” in the Houthis and warned of consequences for Iran. He also said that Israel would “join in two minutes” if asked, but added, “We don’t need anyone.”
The White House confirmed that no final military decision had been made, and two US government officials said that orders had not yet been issued.
Brent crude rose above $100 a barrel, its highest level since early June. This rise raises concerns about rising inflation in the United States.
Possibility of an interest rate hike from the Federal Reserve
Concern about inflation feeds directly into interest rate expectations. According to CME Group’s FedWatch tool, the odds of a 0.25% rate hike at the July meeting jumped from about 12% to nearly 40% in just one week.
US 10-year bond yields hit 18-month highs, a trade source, The Kobeissi Letter, noted, calling it a “sign of new economic pressures.”
US stocks also took a hit. The S&P 500 index fell 1.2%, and the Nasdaq index fell 2.2% at the end of New York trading on Thursday.
Traders were divided over what comes next
Analyst Michael van de Poppe said the 21-day moving average at $64,073 is the key support level to watch. He said then Bitcoin If the price continues above that level, a move towards $73,000 is possible, but the $68,000 resistance area remains an obstacle to clearing.
In theory, the target area for #Bitcoin It has been reached.
However, as long as this remains above the 21-day moving average, I am sure there will be a higher valuation for Bitcoin in the near term.
It faces the final hurdle to a major breakout, which is the $68,000 resistance area.
It was… pic.twitter.com/WiDuvs3vp1
— Michael van de Poppe (@CryptoMichNL) July 23, 2026
Trader Geely said the price is “still making progress” and that a break of local resistance could open the way towards $70,000.
Analyst Exitpump was more cautious, telling followers: “July rally is coming to an end. Close your long positions, and sell once the price drops below 65K.”
Analyst KillaXBT shared his current thesis, saying that he believes the fundamental bottom is already reaching $57K. BTC is expected to consolidate for a month to a month and a half before expanding towards the $80,000 region.
This is my current thesis on $ Bitcoin.
I expect we will form a range over the next 1-1.5 months.
As I mentioned before, I think the big fundamental bottom is already at 57K. If we see any manipulation below this level, I would consider it an area to buy immediately. pic.twitter.com/RMh87Pcs31
– Killa (@KillaXBT) July 23, 2026
