Bitcoin price buckles below $63K as Trump widens the Iran conflict

Bitcoin price fell below $63,000 after fresh US attacks on Iran lifted oil and the dollar, while renewed election claims from President Donald Trump added pressure on risk assets.

According to data from crypto.news, Bitcoin (BTC) dropped 3.5% to an intraday low of around $62,500 on July 17 before recovering slightly to around $63,150, leaving the asset down nearly 2.4% on the day. US stock futures also extended their losses as traders assessed another round of military action and its possible economic impact.

Iran strikes have renewed pressure on Bitcoin

US Central Command confirmed that American forces had attacked Iranian military positions for a sixth consecutive night. According to CENTCOM, the operation hit coastal surveillance systems, air-defense sites, logistics infrastructure and maritime assets.

Reports from the region also indicated that US forces struck transport links near Bandar Abbas, including the Bandar Khamir overpass, two other bridges in Hormozgan Province and a railway station connected to Shahid Rajaei port. Those reports had not been independently confirmed at the time of writing.

Iran responded with attacks across the Gulf, according to initial reports, including a strike targeting Qatar, where the US operates Al Udeid Air Base. Further attacks were reported in Bahrain, Jordan, Kuwait and Iraq as the conflict continued to spread through the region.

Speaking before the latest operation, White House press secretary Karoline Leavitt claimed Tehran was still seeking an agreement with Washington because of the damage caused by US forces.

“Iran very much continues to talk to the United States of America and express that they want to make a deal with us because they are suffering devastating blows on behalf of our United States military.”

Against that backdrop, the US Dollar Index rose to 100.79, while oil traded near $80 per barrel on July 17. A stronger dollar can weigh on dollar-priced assets, while higher energy costs may complicate the inflation outlook and weaken demand for riskier investments.

Bitcoin now faces a decisive $63,167 support test

Technical pressure has increased as Bitcoin trades near the 78.6% Fibonacci retracement at $63,167. The daily candle briefly broke that level below, though buyers prevented a close near the session low.

The daily chart shows that rebound attempts have repeatedly stalled between $65,000 and $66,000. If BTC confirms a breakdown below $63,167, the June range floor near $57,779 would become the next major support, while a recovery must first clear the 61.8% Fibonacci level at $67,396.

Momentum indicators continue to favor sellers. Aroon Down stood at 85.71%, compared with Aroon Up at 0%, while the Average Directional Index registered 23.41, pointing to a bearish trend with moderate strength.

Political uncertainty added another source of pressure after Trump used a White House address to accuse China of interfering in the 2020 presidential election. Trump claimed declassified intelligence showed that Chinese actors stole files containing data on 220 million US voters, though US intelligence assessments have not found evidence that foreign activity changed votes or other technical aspects of the election. The Guardian reported that China and US intelligence officials have rejected Trump’s core allegation.

During the address, Trump also urged Congress to pass the SAVE America Act, which includes voter identification and proof-of-citizenship requirements. Democratic lawmakers, including Chuck Schumer, Jim McGovern, Elizabeth Warren and Bernie Sanders, accused the president of reviving disputed election claims instead of addressing household costs, housing and healthcare.

Despite the sell-off, BlackRock CEO Larry Fink recently expressed a bullish 12-month view on crypto and described Bitcoin as stable around current levels.

The chart, however, places the immediate focus on whether buyers can defend $63,167 as geopolitical and political risks continue to test market sentiment.