Bitcoin (BTC) Slides Under $62K as Iran Tensions Escalate and Oil Surges

Key Takeaways

• BTC declined 2.1% to approximately $62,115 following Trump’s announcement that the US-Iran ceasefire has ended
• Brent crude oil prices spiked, momentarily exceeding $80 per barrel
• Crypto analyst Michaël Van de Poppe identified $61,000 as a critical support threshold
• Federal Reserve meeting minutes revealed internal disagreement about potential rate increases, pressuring risk-on assets
• Bitcoin spot ETFs in the US recorded three consecutive days of positive net flows despite price weakness

Bitcoin experienced a decline exceeding 2% on Wednesday as heightened tensions between the United States and Iran disrupted global financial markets and triggered a sharp rally in crude oil prices.

Bitcoin (BTC) Price

The leading cryptocurrency by market capitalization retreated to approximately $62,115, down from levels above $64,600 observed earlier in the trading week. The pullback intensified after President Donald Trump, addressing attendees at the NATO summit in Ankara, Turkey, declared the ceasefire arrangement “over.”

US military forces conducted strikes targeting Iranian positions on Tuesday in response to assaults on three commercial oil vessels operating near the strategically vital Strait of Hormuz. Tehran retaliated with its own military actions. Trump further cautioned that Iran would face another “hard” strike that evening, with the Pentagon subsequently confirming additional operations had been executed.

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Trump indicated the possibility of reinstating a naval blockade targeting Iranian ports. Additionally, Washington revoked a general license that had previously permitted Iranian oil production and sales activities.

Brent crude futures momentarily surpassed the $80 per barrel threshold, marking their strongest performance since June 22. Meanwhile, US WTI crude climbed past $75 per barrel during the session.

Federal Reserve Concerns Add Downward Pressure

Minutes from the Federal Reserve’s June 16-17 policy meeting, published Wednesday, revealed significant disagreement among committee members regarding the appropriate trajectory for interest rates. Several participants advocated for immediate rate increases.

The majority of participants highlighted multiple scenarios where inflationary pressures could remain persistent, citing potential energy supply disruptions in the Middle East, artificial intelligence-driven demand growth, and tariff implementations. Recent CME FedWatch data indicates increasing probability of a rate hike at the September policy meeting. Traders on prediction platform Kalshi currently assign 55% odds to a rate increase occurring sometime in 2026.

Elevated interest rate expectations typically create headwinds for speculative investment vehicles including digital currencies.

Cryptocurrency analyst and trader Michaël Van de Poppe shared on X that Bitcoin might test the $61,000 support zone. He elaborated: “This to happen, and then 1-2 days later; we’re in talks again. And the markets reverse.” Van de Poppe had previously indicated there was “no problem” with Bitcoin’s price movement provided it maintained levels above $60,000.

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Analyst Ted, writing on X, observed that Bitcoin had developed a hidden bearish divergence pattern on its daily timeframe chart, cautioning: “$BTC has formed a hidden bearish divergence on the daily timeframe. Bitcoin needs to reclaim $62,500 soon, or else things could get ugly.”

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Exchange-Traded Fund Inflows Remain Strong

Notwithstanding the price decline, US-listed spot Bitcoin exchange-traded funds logged three consecutive trading sessions of net positive inflows through Tuesday, per SoSoValue tracking data. This trend helped offset a prior sequence of outflows and bolstered Bitcoin’s rebound from its late-June price lows.

Glassnode analytics revealed that Bitcoin has been trading beneath its True Market Mean level of $76,600 and the short-term holder cost basis of $72,200 for approximately five months. Daily ETF trading volumes ranging from $650 million to $950 million represent roughly 80% below the peak levels recorded in October 2025.

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