Bitcoin pulled back amid renewed geopolitical tensions in the Middle East, as fresh exchanges of strikes between Israel and Iran sparked renewed jitters. The crypto earlier jumped to over $64K after US President Donald Trump said Israeli Prime Minister Benjamin Netanyahu will have “no choice” but to accept a US deal with Iran.
Israel Launches New Strikes in Retaliation to Iran, Escalating War
Israel Defense Forces confirmed on June 8 that the Israeli Air Force struck military targets in western and central Iran. It added that the targets belonged to the Iranian terror regime and came in retaliation for Iran’s missile attack for the first time since the April ceasefire.
Tensions between Iran and Israel have escalated after Israel conducted airstrikes on Hezbollah targets in Lebanon. Iran viewed it as a breach of the April ceasefire and launched multiple waves of ballistic missiles at Israel.
US President Donald Trump called for restraint following Israel’s strikes and Iran’s retaliatory missile launches. He added that diplomatic efforts toward a potential peace deal with Iran is near.
Trump said Israeli Prime Minister Netanyahu will have “no choice” but to accept a US deal with Iran, because he “calls the shots.” Also, he claimed the recent missile strikes would not impact the deal.
Markets initially showed some relief on de-escalation signals from Trump. However, the latest exchanges triggered a risk-off sentiment, causing Bitcoin to retrace under $63K.
BREAKING: President Trump says Israeli Prime Minister Netanyahu will have “no choice” but to accept a US deal with Iran, because he “calls the shots,” per FT.
Details include:
1. “I call the shots. I call all the shots. He [Netanyahu] doesn’t call the shots,” Trump said
2.…
— The Kobeissi Letter (@KobeissiLetter) June 7, 2026
Will Bitcoin Plunge Again to $60K?
WTI and Brent crude climbed more than 3% to $93 and $96 per barrel, respectively, after Iran and Israel war escalation, putting selling pressure on US stock futures and Bitcoin.
The US dollar index (DXY) climbed above 100 on Monday after climbing more than 1% last week, supported by robust US jobs data that reinforced expectations of Fed rate hikes. The US 10-year Treasury yield also climbed to around 4.57% amid renewed inflationary pressures.
Bitcoin is trading almost 3% higher at $62,990 in the past 24 hours, paring some gains. The intraday low and high are $61,166 and $64,128, respectively. Furthermore, trading volume has increased by 17% over the last 24 hours, indicating a rise in interest among traders.
Analysts such as Benjamin Cowen and Michael van de Poppe expect a rebound as Bitcoin closed the week above the 200W SMA after sweeping the February lows. In addition, markets also expect Michael Saylor to announce Bitcoin purchases after a 3-week pause.
“After last week’s sharp selloff, Bitcoin sits in technically oversold territory, and a brief bounce early this week looks likely. But don’t mistake a relief rally for a recovery,” said 10x Research.
CoinGlass data showed mixed sentiment in the derivatives market. At the time of writing, the total Bitcoin futures open interest fell 0.70% to $44.69 billion in the last 24 hours. BTC futures OI on CME climbed 1.30% and fell 1.45% on Binance.
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