- Bitcoin dipped below $62,500 at Friday’s Wall Street open as escalating US-Iran tensions dragged stocks and crypto lower.
- BTC price action remains rangebound and “very choppy,” with a bear-market trend line now acting as resistance.
- Analysts note repeating historical patterns, with some expecting a relief rally before a deeper drop into October.
Bitcoin (BTC) dipped below $62,500 at Friday’s Wall Street open as stocks took a fresh hit from the US-Iran war. Data from TradingView showed BTC/USD extending losses with up to 2% daily downside. US stocks opened in the red, with the Nasdaq Composite Index also down nearly 2% at the time of writing. Fresh military strikes on Iran fueled the risk-asset retreat, while tech stocks continued to see selling pressure. The Kobeissi Letter flagged weakness arising from earnings disappointments, with Netflix shedding over 10% to start the US session. “The stock is now down -50% over the last 12 months and trading at its lowest level since August 2024,” it noted.
After hitting three-week highs, BTC price action fell back into its established range as traders saw copycat moves. “Market just keeps repeating same things,” commentator Exitpump wrote. “Dump into passive demand, OI increases with shorts piling up while spot starts buying which leads to bounce.” Trader Daan Crypto Trades argued that current behavior was “typical” of summer. “Very choppy few days up, few days down kind of price action the last few weeks. No real action anywhere really,” he summarized.
Trader Jelle, meanwhile, remained optimistic, seeing range lows holding. “Still think this looks good for a relief rally in the next weeks – which would give the market room to drop into October without nuking much deeper,” he told followers. In updates on the bear market’s progress, analyst Rekt Capital suggested that Bitcoin’s long-term downtrend was now in its final stages. BTC/USD, he wrote, had flipped its 50-month exponential moving average to resistance, repeating bear-market history to set up its drop to a long-term floor. “The necessary technical milestone has been achieved,” he confirmed. As reported, Rekt Capital saw the July relief bounce ending with the onset of next month.
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