Bitcoin Falls to $68,800 as Traders Turn Cautious Ahead of Trump’s Iran Deadline

Bitcoin fell into the $68,000 range as rising geopolitical risks in the Middle East weighed on sentiment.

Bloomberg reported on July 7 that Bitcoin traded near $68,800, after falling more than 2% intraday. That erased most of the previous day’s gains, when the token briefly climbed above $70,000. Ether also dropped about 2%, with major cryptocurrencies broadly weaker.

The decline came as volatility picked up ahead of a negotiation deadline that U.S. President Donald Trump had presented to Iran. Global equities also came under pressure, with S&P 500 futures down about 0.4%.

The market remains in a wait-and-see phase, with no clear direction. Rachel Lucas, an analyst at BTC Markets, said bearish sentiment is holding in the short term. The market lacks conviction to extend gains, while the downside has yet to trigger a decisive breakdown.

Bitcoin has traded in a range of $65,000 to $75,000 since March. Concerns over escalating tensions with Iran are reinforcing investor caution and limiting aggressive positioning.

Institutional flows, however, remained relatively firm. U.S. spot Bitcoin exchange-traded funds posted about $470 million in net inflows the previous day, extending the recent inflow streak.

Traders are watching several factors for the market’s next move: whether tensions between the U.S. and Iran ease, the path of global oil prices, and progress on U.S. crypto regulatory legislation. If Middle East tensions ease, oil stabilizes below $100 a barrel, and the CLARITY Act passes, appetite for risk assets could recover.