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Bitcoin slides again on Trump’s hawkish remarks

Uk Jin

Summary

Bitcoin reportedly fell through the $67,000 level as risk assets saw worsening sentiment after U.S. President Trump’s hard-line remarks toward Iran.
In the near term, the $66,000 support level for Bitcoin is the key inflection point, and if it breaks, Bitcoin could slide to $65,000, the report said.
While a potential Bitcoin rebound is being discussed if Middle East tensions ease, the report also noted views that a cycle low could form in September–October and that downside pressure could persist over the coming months.

Forecast Trend Report by Period

Crypto Now

Rebound also seen if Middle East tensions ease

Bitcoin is wavering again after U.S. President Donald Trump’s hard-line remarks toward Iran. As hopes for an end to the war in the Middle East have faded, risk appetite across markets is rapidly cooling.

According to crypto exchange Upbit on the 5th, Bitcoin at one point during intraday trading on the 2nd slipped below 100 million won, extending its losses. In overseas markets, it also fell through the $67,000 level.

Bitcoin had been firming on rising expectations for an end to the war in the Middle East, but sentiment shifted abruptly after President Trump’s hawkish comments. In a nationally televised address on the 1st, Trump warned, “Over the next 2–3 weeks, we will strike Iran very hard,” adding, “I will send them back to the Stone Age.”

While he briefly mentioned the possibility of negotiations in the speech, markets took the comments as a signal of escalation. Not only crypto markets led by Bitcoin but also major Asian stock markets fell across the board.

Analysts say Bitcoin’s near-term direction hinges on whether it can hold the $66,000 support level. Ayush Jindal, a researcher at NewsBTC, said, “If Bitcoin trades below $68,000, additional downside pressure could persist,” adding, “The $66,000 area could act as key support, but if that breaks as well, it could slide to $65,000.”

There are also expectations that Bitcoin could rebound if Middle East tensions ease. Binance Research said, “If signs of a ceasefire between the U.S. and Iran become more concrete, risk assets could rebound relatively strongly in tandem with the recovery in crypto markets.”

Still, many believe the current weakness may not be limited to a short-term shock and could extend into the second half of this year. Joao Wedson, CEO of Alphractal, said, “The cycle low is likely to form in September–October, about 912–922 days after the halving.” On-chain analytics firm CryptoQuant also said it expects downside pressure to persist over the coming months.

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