Bitcoin Price Outlook as US-Iran Conflict Pushes BTC Below $63.1K

Bitcoin price fell below $63,000 as renewed United States strikes on Iran rattled global markets and weakened risk appetite. The drop wiped out the gains of the previous week when sellers had been able to protect the $64,000 region. 

OIL price rose 4% as traders reacted to shipping risks around the Strait of Hormuz. Liquidations of crypto also increased, putting strain on key digital assets.

Renewed US-Iran Strikes Pressure Crypto Markets

Bitcoin price moved around $63,000 following a 2% loss in 24 hours. The cryptocurrency market declined 0.94% to $2.17 trillion as leveraged positions unwound.

Long liquidations came to 53.92 million, an increase of 169.83% in 24 hours. 

The growth indicated the rate at which bullish positions were pushed out in the sell-off. The BTC price struggled to regain a position above $64,000, but it did not manage to secure a long-term demand.

United States forces launched another round of strikes against Iranian military targets over the weekend. The authorities claimed that the operation was to curb assaults on commercial ships and bases in the region.

The Iranian media covered the explosions around the Bushehr, Asalouyeh, Bandar Abbas, and Bandar-e Dayyer. Iranian troops declared their assaults on American bases in the region.

The Strait of Hormuz was then announced closed until further notice by Tehran. The canal transports about a fifth of the world oil output everyday.

Traffic of vessels was also lower than usual, but some tankers were also passing when trading. The upheaval increased the price of Brent crude as traders evaluated risks on supply.

Bitcoin ETFs Attract $90.44M as BlackRock IBIT Leads Inflows

Bitcoin spot ETFs posted a net inflows of $90.44 million daily on July 10, according to SoSoValue information. The IBIT of BlackRock was the most active, with a figure of 86.83 million, and the HODL of VanEck with 3.61 million.

 Other listed funds showed no daily inflows in the session. Cumulative net inflows were 51.28 billion and total net assets were 77.42 billion. The total value of trading across the products amounted to $1.45 billion to the same day reporting period.

BTC Price Outlook: Can Bitcoin Defend the $61,000 Support?

At the time of writting, the BTC price traded near $62,981 on four-hour chart. The price of Bitcoin fell below $64,000, as traders could not sustain their momentum near the high levels of trade. The fall drove Bitcoin to $62,000, which is now effectively acting as short-term support.

The RSI was close to 42, which is lower than its average of 54, and this shows a decline in short-term buying pressure. 

MACD became bearish also, with the widening negative histogram attesting to accelerating negative momentum. A reaffirmed decline below $62,000 would next reveal the key $61,000 support area.

Additional selling under $61,000 can be aimed at $60,000 then the recent swing area of about $58,000.  Nonetheless, a recovery of over $64,000 would open the doors once again to the $65,000 resistance area as per future Bitcoin outlook. A very decisive closing of above $65,000 would help the bullish view and put $66,500 into reach.