Bitcoin Drops Below $62.5K as Iran Strikes Hit Stocks
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- Bitcoin (BTC) dipped below $62,500 at Friday's Wall Street open, extending losses with up to 2% daily downside according to TradingView data.
- Nasdaq Composite opened down nearly 2% as fresh US military strikes on Iran fueled the risk-asset retreat, with tech stocks continuing to face selling pressure.
- Netflix shed over 10% to start the US session, now down 50% over the past 12 months and trading at its lowest level since August 2024, per The Kobeissi Letter.
- BTC price action fell back into its established range after hitting three-week highs, with trader Daan Crypto Trades calling it 'very choppy few days up, few days down' summer behavior.
- Analyst Rekt Capital noted BTC has flipped its 50-month exponential moving average to resistance, repeating bear-market history and indicating 'the majority of the anticipated move has already happened.'
- Trader Jelle remained optimistic, seeing range lows holding and expecting a relief rally in coming weeks before a potential drop into October.
Why it matters: Bitcoin's drop below $62,500 alongside a nearly 2% Nasdaq selloff and Netflix's 10% single-session plunge shows the Iran escalation is amplifying an already fragile risk-asset environment, not starting it. The 50-month EMA flipping to resistance is a historically bearish milestone that frames any near-term relief rally as a potential exit before further downside.
