Trader

Bitcoin

Rekt

Bitcoin (BTC) dipped below $62,500 at Friday’s Wall Street open as stocks took a fresh hit from the US-Iran war.
Key points:
<ul>
 <li>Bitcoin gives traders a sense of deja-vu as local highs spark rejection and rangebound moves continue.</li>
 <li>The US-Iran war pushes stocks and crypto lower.</li>
 <li>A bear-market trend line is now in place as resistance, copying historical patterns.</li>
</ul>
<h2 id="btc-price-action-stays-very-choppy">BTC price action stays “very choppy”</h2>
Data from TradingView showed BTC/USD extending losses with up to 2% daily downside.<img alt="" height="902" src="https://s3-images.ctmedia.io/media/content/btcusd2026-07-1717-18-39.png" width="1583">
BTC/USD one-hour chart. Source: Cointelegraph/<a href="https://www.tradingview.com/symbols/BTCUSD/" rel="noopener noreferrer nofollow">TradingView</a>
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 <a href="https://cointelegraph.com/markets/bitcoin-price-dips-with-us-stocks-as-tech-sell-off-as-micron-losses-pass-30" rel="noopener noreferrer nofollow">see selling pressure</a>.
Trading resource The Kobeissi Letter also 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 in a <a href="https://x.com/KobeissiLetter/status/2078093118700765234" rel="noopener noreferrer nofollow">post on X</a>.<img alt="" height="902" src="https://s3-images.ctmedia.io/media/content/nflx2026-07-1717-16-54.png" width="1583">
Netflix stock one-day chart. Source: Cointelegraph/TradingView
 After <a href="https://cointelegraph.com/markets/bitcoin-hits-655k-as-more-surprise-us-inflation-data-sparks-three-week-btc-price-high" rel="noopener noreferrer nofollow">hitting three-week highs</a>, BTC price action fell back into its established range as traders saw copycat moves.
“Market just keeps repeating same things,” commentator Exitpump <a href="https://x.com/exitpumpBTC/status/2078087187673862449" rel="noopener noreferrer nofollow">wrote on X</a>.&nbsp;
<blockquote>
 “Dump into passive demand, OI increases with shorts piling up while spot starts buying which leads to bounce.”
</blockquote><img alt="" height="1482" src="https://s3-images.ctmedia.io/media/content/hnbzfe0xoaani7z.png" width="2250">
BTC/USDT five-minute chart with order-book data. Source: Exitpump/X
 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 <a href="https://x.com/DaanCrypto/status/2078034468707701007" rel="noopener noreferrer nofollow">summarized</a>.<img alt="" height="920" src="https://s3-images.ctmedia.io/media/content/hnapdgkwqaabemx.png" width="1366">
BTC/USD four-hour chart. Source: Daan Crypto Trades/X
<h2 id="br-bitcoin-seals-key-bear-market-repeat"> Bitcoin seals key bear-market repeat</h2>
Trader Jelle, meanwhile, remained optimistic, seeing range lows holding.
Related: <a href="https://cointelegraph.com/markets/bitcoin-bottom-countdown-nears-50-days-after-btc-supply-in-loss-passed-50" rel="noopener noreferrer nofollow">Bitcoin bottom countdown nears 50 days after BTC supply in loss passed 50%</a>
“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 <a href="https://x.com/CryptoJelleNL/status/2078100152380977611" rel="noopener noreferrer nofollow">told</a> X followers.<img alt="" height="1800" src="https://s3-images.ctmedia.io/media/content/hnbvc0iwmaag0.png" width="2328">
BTC/USD one-day chart. Source: Jelle/X
 In updates on the bear market’s progress, trader and 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 (EMA) to resistance, repeating bear-market history to set up its drop to a long-term floor.
“The necessary technical milestone has been achieved,” he <a href="https://x.com/rektcapital/status/2078107019106472377" rel="noopener noreferrer nofollow">confirmed</a>.&nbsp;
<blockquote>
 “Which technically indicates that the majority of the anticipated move has already happened.”
</blockquote><img alt="" height="1338" src="https://s3-images.ctmedia.io/media/content/hnbqixwsaafgsa.png" width="1814">
BTC/USD one-month chart with 21, 50EMA. Source: Rekt Capital/X
 As <a href="https://cointelegraph.com/markets/bitcoin-price-gains-nearly-10-in-july-but-traders-still-see-btc-copying-2022-bear-market" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, Rekt Capital saw the July relief bounce ending with the onset of next month.

Bitcoin price sags under $62.5K as Iran strikes add to US stocks pressure

Table of Contents

Cointelegraph

Other articles published on Jul 17, 2026

Join our free newsletter for daily crypto updates!