The price of Bitcoin fell below $63,000 after new US attacks on Iran sent oil and dollar prices higher, while President Donald Trump’s new election claims increased pressure on risk assets.
summary
- Bitcoin price fell below $63,000, as new US strikes on Iran put pressure on risk assets.
- Oil reached $80 while the US Dollar Index rose to 100.79.
- BTC must defend $63,167 or risk a drop towards the $57,779 support level.
According to data from crypto.news, Bitcoin (Bitcoin) rose 3.5% to an intraday low of around $62,500 on July 17 before rebounding slightly to around $63,150, leaving the asset down around 2.4% on the day. US stock futures also extended losses as traders assessed another round of military action and its potential economic impact.
Iranian strikes have renewed pressure on Bitcoin
US Central Command certain American forces attacked Iranian military sites for the sixth night in a row. According to US Central Command, the operation hit coastal surveillance systems, air defense sites, logistics infrastructure and naval assets.
Reports from the region also indicated that US forces bombed transportation lines near Bandar Abbas, including the Bandar Khamir Bridge, two other bridges in Hormozgan Province, and a railway station connected to the port of Shahid Rajaee. These reports have not been independently confirmed at the time of writing.
Iran She responded with attacks Across the Gulf, according to initial reports, including a strike targeting Qatar, where the United States operates Al Udeid Air Base. More attacks were reported in Bahrain, Jordan, Kuwait and Iraq as the conflict continues to spread across the region.
Speaking before the latest operation, White House press secretary Carolyn Levitt claimed that Tehran was still seeking to reach an agreement with Washington because of the damage caused by US forces.
He added: “Iran continues to talk to the United States of America and express its desire to conclude a deal with us because they are being subjected to devastating strikes on behalf of our American military.”
Against this background, the US dollar index rose to 100.79, while oil was trading near $80 per barrel on July 17. A stronger dollar could weigh on dollar-denominated assets, while higher energy costs could complicate inflation expectations and dampen demand for riskier investments.
Bitcoin now faces a critical support test at $63,167
Technical pressure has increased as Bitcoin trades near the 78.6% Fibonacci retracement at $63,167. The daily candle briefly broke this level, although buyers prevented a close near the session low.
The daily chart shows that rebound attempts were repeatedly halted between $65,000 and $66,000. If BTC confirms a breakout below $63,167, the lower end of the June range near $57,779 will become the next major support, while the recovery must first surpass the 61.8% Fibonacci level at $67,396.
Momentum indicators continue to favor sellers. The Arun Down index settled at 85.71%, compared to the Arun Up at 0%, while the average directional index recorded 23.41, indicating a downward trend with moderate strength.
Political uncertainty added another source of pressure after Trump used it White House address to accuse China of interfering in the 2020 presidential election. Trump claimed that declassified intelligence showed that Chinese actors stole files containing data on 220 million American voters, although US intelligence assessments found no evidence that foreign activity altered votes or other technical aspects of the election. The Guardian I mentioned Chinese and US intelligence officials rejected Trump’s basic claims.
During his speech, Trump also urged Congress to pass the Save America Act, which includes voter identification and proof of citizenship requirements. Democratic lawmakers, including Chuck Schumer, Jim McGovern, Elizabeth Warren and Bernie Sanders, accused the president of reviving disputed election claims rather than addressing family, housing and health care costs.
Despite the sell-off, BlackRock CEO Larry Fink recently… Express a bullish 12-month view On cryptocurrencies, he described Bitcoin as stable around current levels.
However, the immediate focus of the chart is on whether buyers can defend the $63,167 level, as geopolitical and policy risks continue to test market sentiment.
