Bitcoin (BTC) Price: Israel Strikes Iran, BTC Retraces Below $63K as Geopolitical Tensions Rise

TLDR

• Bitcoin dropped below $63K after Israel launched new strikes on Iran, escalating Middle East tensions
• BTC had spiked 5% earlier after Trump said Netanyahu has “no choice” but to accept a US-Iran peace deal
• Trump stated “I call the shots,” signaling the deal could proceed without Israeli cooperation
• Oil prices jumped over 3%, the US dollar climbed above DXY 100, adding pressure on crypto markets
• Analyst AlphaBTC expects sideways-to-up price action for the rest of June, with the market low possibly in Q3

Bitcoin’s price swung sharply on Sunday and Monday as a fresh exchange of strikes between Israel and Iran rattled financial markets. The crypto briefly touched $64,128 before pulling back below $63,000 as the conflict deepened.

Israel’s Air Force confirmed on June 8 it struck military targets in western and central Iran. The strikes came in retaliation for Iran’s ballistic missile attack, which Iran said was a response to Israeli airstrikes on Hezbollah sites in south Beirut that killed two people and injured at least 20.

Iran’s IRGC called its response “warning strikes,” threatening a broader wave if Israel continued. Bitcoin dropped from around $62,000 to $61,200 on the news before quickly reversing.

Bitcoin jumped 5% on Trump’s remarks, briefly reaching $64,128. The market treated his language as a concrete signal rather than general diplomacy.

Macro Pressure Builds on BTC

Oil markets reacted sharply to the conflict. WTI crude climbed more than 3% to around $93 per barrel, and Brent rose to $96. That selling pressure spilled into US stock futures and Bitcoin.

The US Dollar Index (DXY) climbed above 100, supported by strong US jobs data. The 10-year Treasury yield rose to around 4.57%. Both moves added headwinds for risk assets.

At the time of writing, Bitcoin is trading at $62,990, up roughly 3% in 24 hours. Intraday range: $61,166 to $64,128. Trading volume rose 17% over the same period.

What Analysts Are Watching

Analyst AlphaBTC posted on X: “$BTC has swept the 60K level, which happened a bit quicker than I had originally anticipated. I expect we have a bit more sideways and up for the rest of June. I am not expecting the ultimate market low until middle to late Q3. But with the geopolitical landscape, anything could happen.”

Analysts Benjamin Cowen and Michael van de Poppe also flagged that Bitcoin closed the week above the 200-week SMA after sweeping the February lows, which they see as a potential setup for a rebound.

Markets are also watching for a possible Bitcoin purchase announcement from Michael Saylor’s Strategy, which has been inactive for three weeks.

Bitcoin futures open interest fell 0.70% to $44.69 billion in the last 24 hours, per CoinGlass data. CME futures OI rose 1.30% while Binance fell 1.45%.

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