Bitcoin slipped to around $63,000 on Friday, reversing a short-lived rally that had taken it near $65,900. The pullback came as escalating geopolitical tensions between the US and Iran combined with political uncertainty from President Trump's primetime address to sour risk appetite across global markets.
The US Central Command confirmed strikes on Iran for the sixth consecutive night, targeting coastal surveillance sites, air defense systems, and maritime infrastructure. Iran retaliated with strikes on Qatar, including impacts near the Al Udeid Air Base. These developments pushed the US Dollar Index to 100.79 and oil prices to $80 per barrel, adding pressure to risk assets like Bitcoin. Tech stocks also sold off, with Micron Technologies down more than 30% from its June highs, and Tesla and Apple seeing around $200 million in retail selling over two weeks.
Earlier in the week, Bitcoin had touched three-week highs near $65,900 after lower-than-expected US inflation data, but gains faded fast. Analyst Rekt Capital noted that BTC showed early signs of rejection from its 50-month exponential moving average at that level, while trader Exitpump pointed to the anchored VWAP from Bitcoin's $82,000 top in early May as key resistance. A convincing daily close below $62,000 would likely invite a test of $60,000, while reclaiming $65,500 could turn the breakdown into a bear trap and put $67,500–$70,000 back on the radar.
Trump's primetime address accused China of stealing 220 million US voter files in what he called “the largest compromise of election data in history,” further unsettling markets. Amid the turmoil, BlackRock CEO Larry Fink said he remains bullish on crypto for the next 12 months, noting that Bitcoin has remained stable at current levels. Ethereum shed about 1%, while PUMP and ZEC each lost more than 4%. Spot trading activity on centralized exchanges remained healthy, but ETF flows are now seen as the market's pulse—sustained outflows could weaken institutional support.
