TLDR
- Bitcoin dropped 3% to around $62,000 as U.S.-Iran tensions escalated over control of the Strait of Hormuz
- Trump declared the U.S. would “run” the strait and charge a 20% fee on all cargo shipped through it
- Oil spiked more than 9%, reigniting inflation fears and pushing traders away from risky assets
- Traders flagged “massive” shorting and warned $60,000 could come back into play
- Whale wallets holding 10–10K BTC added roughly 11,000 BTC over the past week, a bullish signal
Bitcoin dropped sharply on Monday as fresh U.S.-Iran tensions over the Strait of Hormuz pushed traders away from risk assets like crypto.
BTC fell 3% to $62,009 by late Monday, extending losses from the weekend. Broader crypto markets followed, with most major coins trading near their lowest levels of the year.
The selloff came after Iran closed the Strait of Hormuz over the weekend, citing instability. The U.S. responded with strikes and President Trump announced the U.S. would take over management of the strait.
“The U.S.A. will be known as ‘THE GUARDIAN OF THE HORMUZ STRAIT,’” Trump wrote on Truth Social, adding that all cargo ships would be charged a 20% fee for the service.
“We are reinstating the THE IRANIAN BLOCKADE, so named because it is only stopping Iran’s ships or customers from entering or leaving… The U.S.A. will be, from this point forward, known as “THE GUARDIAN OF THE HORMUZ STRAIT,”” – President Donald J. Trump 🇺🇸 pic.twitter.com/9iKOWCPq06
— The White House (@WhiteHouse) July 13, 2026
Oil prices surged more than 9% on Monday. That reignited inflation fears and raised expectations that the Federal Reserve could tighten policy further, making speculative assets like Bitcoin less attractive.
Heavy Shorting Hits Bitcoin
Trading data showed heavy short pressure on BTC during the pre-New York open drop. Analytics account JDK Analysis noted “massive shorting” with price sitting at a key volume-weighted average price (mVWAP) level.
“With spot also selling, this still looks very weak,” JDK wrote on X. “But if New York brings real spot demand and mVWAP holds, a bounce could trap a large number of sellers.”
Commentator Exitpump also flagged a “crazy amount of aggressive shorting” as open interest continued to rise.
Bitcoin ETFs recorded eight straight weeks of capital outflows, according to data from SoSoValue, pointing to fading institutional appetite.
Analyst Ash Crypto Warns of Key Levels
Analyst Ash Crypto posted on X that Bitcoin closed its weekly candle above the 200-day moving average with a doji candle, signaling market uncertainty. He laid out two scenarios: hold $58K and Bitcoin could push toward $67K, then $83K. Lose $58K on the weekly close and the next support sits around $49K. He also pointed to this week’s U.S. CPI report as a potential catalyst in either direction.
Bitcoin closed weekly above important support level of MA 200 with a doji candle.
This shows the market is still uncertain, but the bullish engulfing candle from three weeks ago remains intact.
Earlier the same pattern appeared 3 times this cycle and each one was followed by a… pic.twitter.com/ntwRXn87wL
— Ash Crypto (@AshCrypto) July 13, 2026
On-chain data from Santiment showed whale wallets holding between 10 and 10,000 BTC added roughly 11,000 BTC over the past week. Santiment noted this tier of holder has historically tracked closely with price direction.
✍️ TL;DR: Bitcoin key stakeholders showing bullish behavior, accumulating quickly
📊 Metrics Used: Supply Distribution
🔗 Live Chart: https://t.co/l4omQRbUTa📈 Bitcoin’s key stakeholders are finally showing signs of life here in July. Wallets holding 10–10K $BTC have added… pic.twitter.com/J6d0FYHTSp
— Santiment Intelligence (@SantimentData) July 13, 2026
Trader Roman said he still sees upside, pointing to RSI and volume data showing downside exhaustion. He kept his target at the $70,000–$75,000 range.
BTC was trading around $62,815 as of the latest data.
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