Bitcoin Drops Under $62.5K as Iran Strikes Hit Stocks
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin dipped below $62,500 at Friday's Wall Street open, extending losses with up to 2% daily downside after rejection at three-week highs.
- Nasdaq Composite opened down nearly 2% as fresh US military strikes on Iran fueled a broad risk-asset retreat.
- 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.
- Trader Exitpump described the tape as "dump into passive demand, OI increases with shorts piling up while spot starts buying which leads to bounce."
- Daan Crypto Trades called the price action "typical" of summer — "very choppy few days up, few days down kind of price action the last few weeks."
- Analyst Rekt Capital confirmed BTC/USD flipped its 50-month EMA to resistance, a bear-market pattern he says signals "the majority of the anticipated move has already happened," with the July relief bounce set to end at the onset of August.
Why it matters: Bitcoin's failure to hold above $62,500 while the Nasdaq also sheds 2% shows crypto is trading as a pure risk proxy — meaning near-term relief hinges on US-Iran de-escalation rather than crypto-specific catalysts. With the 50-month EMA now flipped to resistance, the chart structure mirrors prior bear-market bottoms, so traders are watching whether range lows hold or whether the July relief bounce fizzes into August as Rekt Capital expects.
Ask SkimNews
