On July 8, the price of Bitcoin fell to around $61,700 following renewed tensions between the U.S. and Iran. U.S. President Donald Trump declared the ceasefire over, according to SkyNews.
Market Situation
In the past 24 hours, Bitcoin has dropped by 2%. As of this writing, it is trading at approximately $62,100.
Hourly chart of BTC/USDT on Binance. Source: TradingView.The price of Ethereum decreased by 2.4% to $1,700. XRP lost 4.2% ($1.08), while Solana fell by 5% ($77.24).
Performance of the top 10 cryptocurrencies by market capitalization. Source: CoinGecko.The negative trend also affected the U.S. stock market, with futures for Nasdaq 100 and S&P 500 declining by 1-1.5%.
WTI crude oil rose by more than 5% to $74.02 per barrel. The dollar index remained above 100.
Context
On the night of July 8, the U.S. struck over 80 military targets in Iran. The attacks targeted air defense systems and radar stations, as reported by U.S. Central Command. This action was prompted by Iranian forces attacking commercial vessels in the Strait of Hormuz on July 7, affecting Qatari and Saudi tankers.
— U.S. Central Command (@CENTCOM) July 8, 2026
The IRGC announced retaliatory strikes on 85 targets at U.S. bases in Kuwait and Bahrain, according to Al Jazeera. Tehran also stated it would not allow U.S. interference in the management of the Strait of Hormuz.
The conflict between the countries began on February 28. The first ceasefire took effect on April 8, mediated by Pakistan.
On June 17, the parties signed the "Islamabad Memorandum," extending the ceasefire for 60 days to negotiate a final agreement.
Since then, both sides have repeatedly violated the ceasefire. The U.S. has already revoked some oil sanctions relief—one of the key concessions to Tehran. Trump stated that the ceasefire is "over," but added that negotiators may continue to communicate. Formally, neither side has announced its withdrawal from the memorandum.
Key Bitcoin Levels
Amid escalating conflict in the Middle East, traders are monitoring key levels. Analyst Daan Crypto Trades identified $67,300 as a level that, if surpassed, would indicate strength.
$BTC The price levels that matter to me right now. pic.twitter.com/J7EW06hXr2— Daan Crypto Trades (@DaanCrypto) July 7, 2026
He noted $62,800 as the 200-week SMA and $59,860 as the lower boundary of the range. Previously, he mentioned that holding above $64,000 would open the path to $65,800, while the $60,700 area serves as critical support for bulls.
$BTC Testing that~$64K resistance area again, still trading below the 50EMA at $65.8K
FOMC minutes drop tomorrow which could easily be the catalyst for a move out of this price range, so this chop right here makes sense.
If bulls can close above $64K, that opens the door back… pic.twitter.com/1wnvSP0CRk— Daan Crypto Trades (@DaanCrypto) July 7, 2026
Michaël van de Poppe, founder of MN Trading, considers the $61,000 area crucial for the current market structure. If this level holds, the scenario of moving to $68,000 remains viable.
#Bitcoin looks great here.
It had a short test of the $61,000 level earlier and easily continued to bounce upwards and consolidates now.
I would expect that, after the news that Saylor has sold (and by the way, he sold last week in an upwards trending markets, so how much of an… pic.twitter.com/7Dx2OOs22B— Michaël van de Poppe (@CryptoMichNL) July 7, 2026
Van de Poppe emphasized that he does not see any issues with Bitcoin's dynamics and considers a relatively shallow correction acceptable even after the renewed tensions in the Middle East.
CryptoQuant analysts pointed out several on-chain indicators. Funding rates for perpetual contracts have surged. Retail traders are aggressively opening long positions.
Bitcoin's Leverage Trap: Why Whales Are Selling the Pump
“When crowded longs, drying spot volume, and whale distribution align, a local top and subsequent flush are usually imminent.” – By @Crazzyblockk pic.twitter.com/neX2HnSLHi— CryptoQuant.com (@cryptoquant_com) July 8, 2026
Spot volumes are declining. Open interest is rising without support from actual demand. Experts suggest that the recent price increase of Bitcoin to around $64,000 was speculative in nature.
On July 7, CryptoQuant analyst known as TheChessOnChain highlighted the risk of Bitcoin falling below $58,000.
Meanwhile, Bernstein analysts set a target of $150,000 for Bitcoin by the end of 2026 as achievable.