Bitcoin saw a key rejection at local highs before reversing lower, moving with stocks for a second day as US-Iran war downside took its toll.
Bitcoin (BTC) dipped below $62,500 at Friday’s Wall Street open as stocks took a fresh hit from the US-Iran war.
Data from TradingView showed BTC/USD extending losses with up to 2% daily downside.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks opened in the red, with the Nasdaq Composite Index also down nearly 2% at the time of writing. Fresh military strikes on Iran fueled the risk-asset retreat, while tech stocks continued to see selling pressure.
Trading resource The Kobeissi Letter also flagged weakness arising from earnings disappointments, with Netflix shedding over 10% to start the US session.
“The stock is now down -50% over the last 12 months and trading at its lowest level since August 2024,” it noted in a post on X.
Netflix stock one-day chart. Source: Cointelegraph/TradingView
After hitting three-week highs, BTC price action fell back into its established range as traders saw copycat moves.
“Market just keeps repeating same things,” commentator Exitpump wrote on X.
BTC/USDT five-minute chart with order-book data. Source: Exitpump/X
Trader Daan Crypto Trades argued that current behavior was “typical” of summer.
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