In Bitcoin news today, the BTC price is trading at $62,000 on Wednesday after failing to clear the $64,000 resistance level, with fresh US-Iran military exchanges delivering the immediate blow to risk appetite.<\/p>\n
The sell-off is not happening in a vacuum; it lands atop a shrinking stablecoin market, and institutional ETF flows are too thin to absorb the pressure.<\/p>\n
This fresh conflict between the US and Iran has rocked markets, and any further escalation could test the psychological $60,000 support zone, which, if breached once more, could see the mid-$50,000s revisited.<\/p>\n
President Trump has said the Memorandum of Understanding underpinning the ceasefire between the US and Iran is \u2018over\u2019. <\/p>\n
Trump made the comments at the NATO summit in Turkiye after the US bombed Iran despite promising a pause for Supreme Leader Ali Khamenei\u2019s funeral. pic.twitter.com\/1APQBkzonh<\/a><\/p>\n \u2014 Al Jazeera Breaking News (@AJENews) July 8, 2026<\/a><\/p>\n\n In fresh Bitcoin news, the US military launched a new wave of strikes against Iran on Tuesday following reports of attacks on three oil tankers in the Strait of Hormuz, causing the crypto market to pull back.<\/p>\n Iran\u2019s Islamic Revolutionary Guards Corps (IRGC), the country\u2019s elite paramilitary force, responded by targeting 85 US military sites in Bahrain and Kuwait and downed a US MQ9 drone. The US simultaneously revoked a key concession that had allowed Iran to sell oil in international markets.<\/p>\n These moves directly threaten a fragile interim US-Iran peace agreement. Oil prices surged on fears of supply disruptions through the Strait of Hormuz, and the broader geopolitical risk sent capital fleeing from risk-sensitive assets.<\/p>\n BTC, once again, traded as a high-beta risk asset rather than a crisis hedge, a pattern that has recurred across every major Iran-escalation cycle this year, according to FXStreet analyst Manish Chhetri.<\/p>\n DISCOVER:\u00a0Best Meme Coin ICOs to Invest in 2026<\/a><\/strong><\/p>\n STABLECOIN MARKET POSTS BIGGEST DROP SINCE TERRA COLLAPSE<\/p>\n The stablecoin market shrank 2.4% ($7.7 billion) to $312 billion in June, marking its biggest monthly decline since the 2022 TerraUSD collapse.<\/p>\n The drop came alongside an 18% fall in Bitcoin and several stablecoin\u2026<\/p>\n \u2014 *Walter Bloomberg (@DeItaone) July 7, 2026<\/a><\/p>\n\n The geopolitical shock hit a market already grappling with liquidity problems. According to a post on X by Walter Bloomberg<\/a>, the stablecoin market contracted by 2.4% or $7.7Bn, to $312Bn in June, marking the largest monthly decline since the 2022 TerraUSD collapse.<\/p>\n Stablecoins function as the crypto market\u2019s dry powder: when their supply shrinks, the pool of capital available to buy dips shrinks with it. June\u2019s contraction coincided with a 20% drop in BTC, and if the trend continues into July, selling pressure intensifies further.<\/p>\n Institutional demand is not filling the gap. SoSoValue data shows spot Bitcoin ETF<\/a> inflows of just $21.44M on Tuesday, the third consecutive day of positive flows, but a rounding error compared to the weeks of outflows that preceded them. Those flows are not providing meaningful price support, and a reversal back to net outflows would add another leg down.<\/p>\n EXCLUSIVE: Join 99Bitcoin\u2019s $1000 USDT Airdrop on ByBit<\/span><\/a>\n<\/p>\n $BTC<\/a> dropped below $62,000 after Trump said the US-Iran MOU is over.<\/p>\n If Bitcoin closes a daily candle below $62,000 here, a sweep of $60,000 could happen soon. pic.twitter.com\/d86rO2wZnn<\/a><\/p>\n \u2014 Ted (@TedPillows) July 8, 2026<\/a><\/p>\n\n In other Bitcoin news, the technical structure for BTC is currently bearish, with the cryptocurrency trading below key Exponential Moving Averages (EMAs): the 50-day at $65,577, the 100-day at $69,225, and the 200-day at $75,269, which act as resistance.<\/p>\n The Relative Strength Index (RSI) is around 48, indicating neutral momentum, while the MACD shows diminishing bullish pressure.<\/p>\n Key levels to watch include downside support at $62,000; a break below this could trigger a drop to the yearly low of $57,800. Conversely, BTC needs to reclaim $64,004 for a credible recovery.<\/p>\n Potential scenarios include:<\/p>\n Bull case:<\/strong> Geopolitical tensions ease, allowing BTC to reclaim $64,000 and target the 50-day EMA.<\/p>\n Base case:<\/strong> Continued mild conflict leads BTC to trade between $62,000 and $64,000 without a clear direction.<\/p>\n Bear case:<\/strong> Escalating tensions result in a drop below $62,000, revisiting the yearly low.<\/p>\n Despite short-term bearishness, the long-term outlook remains positive, with low exchange-held BTC supply and long-term holders showing no signs of selling. Market focus is on US-Iran developments and upcoming BTC ETF flow readings to determine BTC\u2019s next moves.<\/p>\n EXPLORE:\u00a0Best Crypto Presales With Asymmetric Upside in the Current Market<\/a><\/strong><\/p>\n The post Strikes Across Hormuz Push BTC to $62,000 With $60K Floor at Risk<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" In Bitcoin news today, the BTC price is trading at $62,000 on Wednesday after failing to clear the $64,000 resistance level, with fresh US-Iran military exchanges delivering the immediate blow to risk appetite. The sell-off is not happening in a vacuum; it lands atop a shrinking stablecoin market, and institutional ETF flows are too thin […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-194481","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/194481"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=194481"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/194481\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=194481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=194481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=194481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin News: What Triggered the Drop from $64,000?<\/h2>\n
Two Compounding Headwinds Causing the Retracement Across Crypto<\/h2>\n
Bitcoin Price Prediction: Key Levels to Watch<\/h2>\n