Bitcoin slipped below the $62,000 level after President Donald Trump said the US-Iran ceasefire was “over” and threatened to strike Iran “hard” tonight, adding pressure to risk assets as oil prices jumped and traders reassessed geopolitical risk.
Trump made the remarks during a news conference at the NATO summit in Turkey, after earlier saying he did not want to deal with Iranian leaders anymore. He said negotiators could continue talking but added, “I think they’re wasting their time.” His comments came after the US and Iran exchanged attacks across the region.
Brent crude rose about 5% to $80 a barrel as markets reacted to renewed conflict fears. Bitcoin also came under pressure, falling more than 2% and testing key support near the $60,000 zone after briefly recovering from last week’s bear-market low of $57,700.
Trump Says US-Iran Ceasefire Is “Over”
Trump said the ceasefire with Iran was no longer in place and warned that the US could strike Iran again. He also called Iranian leaders “scum” and “sick people,” adding more uncertainty to already tense talks.
An Iranian official responded by saying Trump’s comments were driving “the region toward fire.” The official also warned that Iran-backed groups in the region had their “finger on the triggers,” raising concern over possible wider attacks.
The US said it had fired at more than 80 Iranian targets late Tuesday. Iran’s military said eight soldiers were killed in the attacks, with personnel stationed in Bandar Abbas and Bushehr among those reported dead.
Iran later said it was targeting US military sites in Bahrain and Kuwait. The new exchange followed attacks on three tankers in the Strait of Hormuz, a key route for global energy shipments.
Bitcoin Falls as Oil and Inflation Risks Rise
Bitcoin dropped toward $62,000 as traders moved away from risk-sensitive assets. The selloff came as crude oil spiked, stock markets weakened, and investors raised concerns about inflation tied to energy supply risks.
The International Monetary Fund had assumed the Strait of Hormuz would reopen by mid-July, with conditions returning close to prewar levels by March 2027. That forecast now faces more pressure after fresh attacks and Trump’s latest comments.
Higher oil prices can raise inflation expectations and make risk assets less attractive. Crypto markets often react quickly to geopolitical shocks because leverage and liquidations can deepen short-term price swings.
At press time, Bitcoin is testing the $61,000 support area after the latest escalation. A break below that level could put last week’s $57,700 low back in focus and raise questions about a possible move toward $55,000.
CryptoQuant Says July Seasonality Still Favors Bitcoin
CryptoQuant said Bitcoin rebounded about 11% from its $57,700 bear-market low to trade near $64,000 before the latest pullback. The report said the $60,000 level remains a key support and pivot for traders.
The firm said July has often favored Bitcoin, even during weaker market cycles. Bitcoin gained about 20% in July 2018 and about 17% in July 2022, despite broader bear-market conditions.
Source: CryptoQuant
CryptoQuant also said total demand recovered from its fastest contraction since 2022. Demand had fallen near minus 650,000 BTC in early June before moving closer to neutral, while spot selling slowed to its weakest pace since mid-May.
US investor demand also improved, with the Coinbase Premium Index recovering from deeply negative levels to minus 0.062 as Bitcoin bounced from $57,000. However, the Bull Score Index remained at 20, while a reading above 60 is needed for a stronger bullish phase.
