Bitcoin declined to around $63,000 on Friday as escalating geopolitical risks and renewed political concerns led to a sell-off across risk assets, including major cryptocurrencies.
Market loses steam after brief rally
The world’s largest cryptocurrency reversed a two-day rally that followed surprisingly positive US inflation data. Both June’s Consumer Price Index and Producer Price Index came in below expectations, briefly lifting confidence in risk assets.
However, momentum faded quickly. Technology stocks came under heavy selling pressure, with Micron Technologies plunging more than 30% from its June 22 peak. Retail investors also sold an estimated $200 million in shares of Tesla and Apple over a two-week span, signaling a broader pullback in risk appetite.
According to market analytics firm The Kobeissi Letter, trading volume from individual investors reached a record $370 billion, up sharply from $220 billion at the start of 2026. This surge followed an intense rally in technology shares as investors looked to lock in profits.
Bitcoin briefly touched a three-week high near $65,900 before turning lower. Market analyst Rekt Capital noted that BTC faced initial resistance near its 50-month exponential moving average at that level, suggesting the market may struggle to regain upward momentum in the near term.
Bitcoin is showing early signs of rejection from the 50-month EMA, closely reflecting price patterns seen in 2022 at this stage of the cycle.
Technical commentator Exitpump identified the anchored Volume-Weighted Average Price (VWAP) from Bitcoin’s $82,000 high in early May as a key resistance level, remarking that another test of this area could trigger further pullbacks.
Mini dictionary: Anchored VWAP, or Anchored Volume Weighted Average Price, is a technical analysis tool that calculates the average price of an asset weighted by trading volume from a specific starting point, helping traders identify key support and resistance levels.
Geopolitical tension intensifies selling
US Central Command confirmed that American forces conducted their sixth consecutive night of operations against Iran on July 17. The military targeted coastal surveillance installations, air defense systems, supply networks, and maritime infrastructure.
Intelligence sources indicated that key sites, such as the Bandar Khamir overpass, the Gariveh Bridge, and a major rail terminal near Bandar Abbas, were among the targets. In response, Iranian units reportedly launched countermeasures directed near Qatar, with some activity approaching the American Al Udeid Air Base.
These actions prompted a surge in the US Dollar Index to 100.79 and pushed crude oil prices to $80 per barrel. Both developments amplified pressure on risk-oriented assets such as Bitcoin.
| Asset | Previous Level | Current Level |
|---|---|---|
| Dollar Index (DXY) | Below 100.00 | 100.79 |
| Crude Oil (per barrel) | $75–$78 | $80 |
| Bitcoin | ~$65,900 (recent peak) | $63,000 |
Election security row adds uncertainty
US President Donald Trump delivered a televised national address highlighting concerns over election security. Trump asserted that Chinese actors obtained up to 220 million US voter records, calling it “the largest compromise of election data in history.”
He called for passage of the SAVE America Act, which advocates for voter ID requirements and stricter citizenship verification for voters. Opponents dismissed his claims as unsubstantiated and politically motivated.
Market analyst Ted Pillows projected that Bitcoin could rise to the $70,000–$72,000 range by August before declining to new cycle lows at approximately $50,000.
Market participants see a potential short-term push toward $72,000 for $BTC, but a sharp reversal toward $50,000 remains possible in the coming months.
Industry outlook and leadership perspectives
Larry Fink, CEO of BlackRock—the world’s largest asset manager—expressed confidence in Bitcoin’s overall market position. He remarked that the cryptocurrency remains steady at current valuations and reiterated his positive outlook for the digital asset sector through the next year.
Mini dictionary: BlackRock is a leading global investment management company with trillions of dollars in assets under management, recognized for its role in shaping trends in both traditional and digital finance.
