Bitcoin traded near $62,800 on Monday, falling about 1.5% over the past 24 hours, but it managed to stay above the important $60,000 support level despite growing tensions between the United States and Iran.
While the latest conflict sparked sharp moves across global markets, Bitcoin’s decline was relatively modest compared to the heavy losses seen in some traditional assets. Ethereum traded around $1,779, XRP near $1.08, and Solana around $76.40.
The geopolitical tensions pushed oil prices higher, with Brent crude rising above $79 per barrel as traders worried about potential disruptions to shipping through the Strait of Hormuz. At the same time, major stock markets in Asia came under pressure, with Japan’s Nikkei and South Korea’s KOSPI posting significant losses.
Investors are increasingly concerned that higher oil prices could keep inflation elevated, making it harder for central banks, including the U.S. Federal Reserve, to lower interest rates. Recent Fed meeting minutes also highlighted Middle East tensions and rising energy costs as factors that could contribute to inflation risks.
Despite the uncertain environment, Bitcoin received some support from renewed institutional demand. U.S. spot Bitcoin ETFs recorded $197 million in net inflows during the week of July 6–10, ending eight consecutive weeks of investor withdrawals.
BlackRock’s Bitcoin ETF led the inflows, while other funds saw mixed results. Although the return of ETF demand is viewed as a positive sign, analysts note that the inflows are still relatively small compared to the large outflows seen in previous weeks.
From a technical perspective, Bitcoin continues to trade within a familiar range. The $60,000 level remains a key support zone, while $65,000 continues to act as major resistance. Several attempts to break above $65,000 have failed, suggesting buyers still lack enough momentum for a sustained rally.
Market indicators have improved slightly, but they do not yet show a strong bullish trend. Analysts say a decisive move above $65,000 could strengthen the outlook and potentially trigger further gains. On the other hand, a drop below $60,000 could shift attention back toward the lows seen in June.
Another trend attracting attention is a sharp decline in Bitcoin transfers between exchanges. Some analysts believe this may be linked to changes in the European market following new crypto regulations, although the connection has not been independently confirmed.
For now, Bitcoin remains stuck between support and resistance levels as traders closely monitor ETF flows, global economic developments, oil prices, and upcoming Federal Reserve decisions.
