Bitcoin Falls Below $65,000 as US-Iran Tensions Escalate; Oil Tops $100 a Barrel

Bitcoin fell below $65,000 as military tensions between the US and Iran intensified, while global oil prices climbed above $100 a barrel and US Treasury yields surged.

Cointelegraph reported that Bitcoin dropped as low as $64,799 on Bitstamp on July 23, its lowest intraday level in three days. Risk assets came under broad pressure after US President Donald Trump issued a warning directly targeting Iran over an attack by Houthi rebels on a Saudi commercial vessel.

US stocks also fell. The S&P 500 closed down 1.2%, while the Nasdaq Composite dropped 2.2%. Brent crude rose above $100 a barrel, its highest level since early June.

The Kobeissi Letter wrote on X that inflation expectations and interest rates are rising quickly again. CME Group's FedWatch tool showed the probability of a 25-basis-point rate increase at the Federal Open Market Committee's July meeting climbed to nearly 40% from about 12% a week earlier. The market analysis outlet also said the yield on the 10-year US Treasury reached its highest level in 18 months.

Traders were split on the near-term outlook. Market analyst Exitpump wrote that July's rebound is nearing its end and that prices are sitting at resistance. He added that he would consider a short position if Bitcoin breaks below $65,000. Trader Yele, by contrast, maintained that there is room for a move toward $70,000.

Crypto trader and analyst Michaël van de Poppe identified the 21-day simple moving average at $64,073 on July 21 as a key support level. As long as Bitcoin holds above that line, higher prices could follow in the short term, he wrote. A break above the $68,000 resistance level could lift the token to as high as $73,000.