TLDR
- Bitcoin dropped 2.1% to around $62,115 after Trump declared the US-Iran ceasefire “over”
- Oil prices surged, with Brent crude briefly topping $80 a barrel
- Analyst Michaël Van de Poppe flagged $61,000 as a key level to watch
- Fed minutes showed a divided debate on rate hikes, adding pressure on risk assets
- US spot Bitcoin ETFs saw three straight days of net inflows despite the drop
Bitcoin fell more than 2% on Wednesday as the collapse of the US-Iran ceasefire rattled financial markets and sent oil prices sharply higher.
The world’s largest cryptocurrency dropped to around $62,115, after trading above $64,600 earlier in the week. The sell-off came after President Donald Trump, speaking at the NATO summit in Ankara, Turkey, said the ceasefire was “over.”
The US military launched strikes against Iran on Tuesday following attacks on three commercial oil tankers near the Strait of Hormuz. Iran responded with its own strikes. Trump also warned Iran would be hit “hard again tonight,” and the US military later confirmed additional strikes had taken place.
BREAKING: US announces it has hit 90 Iranian military targets in tonight’s strikes on Iran, per CENTCOM.
US strikes targeted Iranian air defense systems, coastal surveillance assets, missile and drone storage sites, naval capabilities, and military logistics infrastructure along… pic.twitter.com/NgFiATDLMH
— The Hormuz Letter (@HormuzLetter) July 9, 2026
Trump said the US may reimpose a naval blockade on Iran’s ports. The US also revoked a general license that had allowed the production and sale of Iranian oil.
Brent crude futures briefly topped $80 a barrel, their highest level since June 22. US WTI crude passed $75 per barrel on the day.
Fed Adds to Pressure
Federal Reserve minutes from the June 16-17 meeting, released Wednesday, showed policymakers were divided on the path for interest rates. A few participants called for raising rates immediately.
Most participants pointed to scenarios where inflation could stay elevated due to Middle East energy supply shocks, AI-related demand, and tariffs. The latest CME FedWatch data showed rising odds of a rate hike at the September meeting. Users on prediction platform Kalshi put the odds of a hike in 2026 at 55%.
Higher interest rate expectations tend to weigh on speculative assets like cryptocurrencies.
Crypto trader and analyst Michaël Van de Poppe said on X that Bitcoin could retest $61,000. He added: “This to happen, and then 1-2 days later; we’re in talks again. And the markets reverse.” He had earlier said there was “no problem” in Bitcoin’s price action as long as it stayed above $60,000.
I’m expecting to see:
– $BTC‘s low of $61,000 to be tested.
– Oil to run higher.
– $NQ to drop further.This to happen, and then 1-2 days later; we’re in talks again.
And the markets reverse.
It’s the same with this man in Office. https://t.co/o2E21SvzwV
— Michaël van de Poppe (@CryptoMichNL) July 8, 2026
Analyst Ted, posting on X, noted that Bitcoin had formed a hidden bearish divergence on the daily chart, warning: “$BTC has formed a hidden bearish divergence on the daily timeframe. Bitcoin needs to reclaim $62,500 soon, or else things could get ugly.”
$BTC has formed a hidden bearish divergence on the daily timeframe.
Bitcoin needs to reclaim $62,500 soon, or else things could get ugly. pic.twitter.com/CVFCCyRxGN
— Ted (@TedPillows) July 8, 2026
ETF Flows Stay Positive
Despite the drop, US-listed spot Bitcoin ETFs recorded three straight days of net inflows through Tuesday, according to SoSoValue data. That helped reverse a recent streak of withdrawals and supported Bitcoin’s recovery from late-June lows.
Glassnode data showed Bitcoin has traded below its True Market Mean of $76,600 and the short-term holder cost basis of $72,200 for around five months. Daily ETF trading volume of $650 million to $950 million was roughly 80% below the October 2025 peak.
Glassnode: Bitcoin Remains in Deep Value, but Bottom Confirmation Signals Are Still Missing
According to Glassnode, Bitcoin has traded below the True Market Mean of $76,600 and the short-term holder cost basis of $72,200 for about five months, keeping it in deep value territory… pic.twitter.com/TJBNQUi7uk
— Wu Blockchain (@WuBlockchain) July 8, 2026
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