TLDR
- Bitcoin dropped to a three-day low of $64,799 on Thursday, July 23
- Trump threatened a “massive attack” on Iran following Houthi strikes on Saudi oil tankers
- Brent crude oil topped $100 per barrel, stoking inflation fears
- Fed rate hike odds for July jumped from 12% to nearly 40% in one week
- Traders are split, with some targeting $73K and others calling for shorts below $65K
Bitcoin fell below $65,000 on Thursday as geopolitical tensions between the US and Iran rattled risk assets across the board.
BTC/USD hit a three-day low of $64,799 on Bitstamp, down 1.52% on the day, according to TradingView data.
The selloff was triggered by comments from US President Donald Trump, who said he is “considering a massive attack” on Iran. The remarks came after Iran-backed Houthi rebels struck Saudi oil shipping vessels in the Red Sea.
BREAKING: Trump announces the US is about to carry out a massive attack on Iran “way bigger than Operation Epic Fury and bigger than any attack ever carried out before,” saying “we are all set for it,” and are “close to making a decision,” Trump tells Axios.
This comes as Israel…
— The Hormuz Letter (@HormuzLetter) July 23, 2026
Trump posted on Truth Social that he was “very disappointed” in the Houthis and warned of consequences for Iran. He also said Israel “would join in two minutes” if asked, though he added “we don’t need anybody.”
The White House confirmed no final military decision had been made, and two US government officials said orders have not been issued.
Brent crude oil climbed above $100 per barrel, its highest level since early June. That surge is raising fears about rising US inflation.
Fed Rate Hike Odds Jump
The inflation concern is feeding directly into interest rate expectations. According to CME Group’s FedWatch Tool, odds of a 0.25% Fed rate hike at the July meeting jumped from around 12% to nearly 40% in just one week.
Trading resource The Kobeissi Letter noted that US 10-year bond yields hit 18-month highs, calling it “a sign of fresh economic strain.”
US stocks also took a hit. The S&P 500 fell 1.2% and the Nasdaq dropped 2.2% by the close of New York trading on Thursday.
Traders Split on What Comes Next
Analyst Michaël van de Poppe said the 21-day moving average at $64,073 is the key support level to watch. He said if Bitcoin holds above it, a move toward $73,000 is possible, but the $68,000 resistance zone remains the hurdle to clear.
Theoretically, the target area for #Bitcoin is reached.
However, as long as this stays above the 21-Day MA, I’m sure there will be a higher valuation for Bitcoin in the near-term.
It’s facing the final hurdle for a big breakout, which is the $68,000 resistance zone.
It’s been… pic.twitter.com/WiDuvs3vp1
— Michaël van de Poppe (@CryptoMichNL) July 23, 2026
Trader Jelle said price is “still making progress” and a break of local resistance could open the path toward $70,000.
Analyst Exitpump was more cautious, telling followers: “July rally is coming to end. Close your longs, go short once price breaks below 65K.”
Analyst KillaXBT shared his current thesis, saying he believes the base low is already in at $57K. He expects BTC to consolidate for the next one to one-and-a-half months before expanding toward the $80,000 region.
This is my current thesis on $BTC.
I expect us to form a range over the next 1–1.5 months.
As I’ve mentioned before, I believe the significant base low is already in at 57K. If we do see any manipulation below that level, I’d view it as a area which gets bought up INSTANTLY.… pic.twitter.com/RMh87Pcs31
— Killa (@KillaXBT) July 23, 2026
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