Bitcoin Drops Back to Its Local Range as Bear-Market History Repeats

Bitcoin saw a key rejection at local highs before reversing lower, moving with stocks for a second day as US-Iran war downside took its toll.

Bitcoin (BTC) dipped below $62,500 at Friday’s Wall Street open as stocks took a fresh hit from the US-Iran war.

Data from TradingView showed BTC/USD extending losses with up to 2% daily downside.

BTC/USD one-hour chart. Source: Cointelegraph/ TradingView

US stocks opened in the red, with the Nasdaq Composite Index also down nearly 2% at the time of writing. Fresh military strikes on Iran fueled the risk-asset retreat, while tech stocks continued to see selling pressure .

Trading resource The Kobeissi Letter also flagged weakness arising from earnings disappointments, with Netflix shedding over 10% to start the US session.

“The stock is now down -50% over the last 12 months and trading at its lowest level since August 2024,” it noted in a post on X .

Netflix stock one-day chart. Source: Cointelegraph/TradingView

After hitting three-week highs , BTC price action fell back into its established range as traders saw copycat moves.

“Market just keeps repeating same things,” commentator Exitpump wrote on X .

BTC/USDT five-minute chart with order-book data. Source: Exitpump/X

Trader Daan Crypto Trades argued that current behavior was “typical” of summer.

“Very choppy few days up, few days down kind of price action the last few weeks. No real action anywhere really,” he summarized .

BTC/USD four-hour chart. Source: Daan Crypto Trades/X

Trader Jelle, meanwhile, remained optimistic, seeing range lows holding.

Related: Bitcoin bottom countdown nears 50 days after BTC supply in loss passed 50%

“Still think this looks good for a relief rally in the next weeks - which would give the market room to drop into October without nuking much deeper,” he told X followers.

BTC/USD one-day chart. Source: Jelle/X

In updates on the bear market’s progress, trader and analyst Rekt Capital suggested that Bitcoin’s long-term downtrend was now in its final stages.

BTC/USD, he wrote, had flipped its 50-month exponential moving average (EMA) to resistance, repeating bear-market history to set up its drop to a long-term floor.

“The necessary technical milestone has been achieved,” he confirmed .

BTC/USD one-month chart with 21, 50EMA. Source: Rekt Capital/X

As Cointelegraph reported , Rekt Capital saw the July relief bounce ending with the onset of next month.

Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.

All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy .

新闻图片