TLDR
- Bitcoin dropped to $63K lows on Friday amid rising geopolitical uncertainty
- The US launched its sixth consecutive night of strikes against Iran
- Trump accused China of interfering in the 2020 US elections during a primetime address
- The US Dollar Index spiked to 100.79 and oil climbed to $80 per barrel
- BlackRock CEO Larry Fink said he remains bullish on crypto for the next 12 months
Bitcoin (BTC) slipped to around $63,000 on Friday as a combination of geopolitical tension and political uncertainty weighed on risk assets including crypto.
The move followed two days of gains driven by lower-than-expected US inflation data. Both the Consumer Price Index (CPI) and Producer Price Index (PPI) came in below expectations for June.
But those gains ran out of steam quickly. Tech stocks sold off, with Micron Technologies down more than 30% from its June 22nd record high. Tesla and Apple saw retail selling of around $200 million over the past two weeks.
Trading resource The Kobeissi Letter noted that total retail turnover in single stocks hit a record $370 billion, up from $220 billion at the start of 2026, as investors locked in profits from a tech rally.
BTC/USD had briefly touched three-week highs near $65,900 before pulling back. Analyst Rekt Capital said Bitcoin was showing early signs of rejection from its 50-month exponential moving average at that level.
Bitcoin is showing initial signs of rejection from the 50-Month EMA (purple), closely mimicking 2022 historical price tendencies at this very moment in the cycle$BTC #Crypto #Bitcoin https://t.co/tMHSdojFiJ pic.twitter.com/gR5K0hIQBk
— Rekt Capital (@rektcapital) July 16, 2026
Analyst Exitpump pointed to the anchored VWAP from Bitcoin’s $82,000 top in early May as a key resistance level. He told his followers on X that a retest of that level “should cap the upside and give stronger rejection.”
Geopolitical Pressure Hits Markets
The US Central Command confirmed strikes on Iran for the sixth consecutive night on July 17. Targets included coastal surveillance sites, air defense systems, military logistics, and maritime infrastructure.
Reports identified specific targets including the Bandar Khamir overpass bridge, the Gariveh Bridge, and a major railway station near Bandar Abbas. Iran launched retaliatory strikes on Qatar, with initial reports of impact near the US Al Udeid Air Base.
The uncertainty pushed the DXY to 100.79 and oil prices to $80 per barrel, both adding pressure to risk assets like Bitcoin.
Trump Speech Adds to Uncertainty
President Trump delivered a primetime address focused on election security. He accused China of stealing 220 million US voter files in what he called “the largest compromise of election data in history.”
President Donald Trump accused China of interfering with US elections in 2020, threatening to upend ties with the world’s second-biggest economy as he focuses on securing a victory in the midterms in November.
Speaking in a prime-time address from the White House, Trump said the… pic.twitter.com/wOvjGvxExs
— Bloomberg (@business) July 17, 2026
Trump called for passage of the SAVE America Act, which would require voter ID and citizenship proof. Democrats pushed back, calling the claims conspiracy theories.
Analyst Ted Pillows shared his outlook on X, writing that the most probable path for $BTC is a pump to $70,000–$72,000 by August, followed by a pullback to new cycle lows around $50,000.
This is the most probable path for $BTC.
Pump to $70,000-$72,000 by August.
Form a local top and then dump to new cycle lows around $50,000. https://t.co/2p9PqAAWZC pic.twitter.com/5g1iIxpeR3
— Ted (@TedPillows) July 16, 2026
BlackRock CEO Larry Fink said Bitcoin remains stable at current levels and that he is bullish on the crypto market for the next 12 months.
Be the first to comment