Bitcoin slides to $62,000 as US-Iran tensions trigger risk-off move

Bitcoin fell toward $62,000 as escalating US-Iran tensions over the Strait of Hormuz triggered a broad risk-off move across crypto markets.

Bitcoin fell 3.2% to $62,100 as of 02:00 UTC on July 14 as US-Iran tensions over the Strait of Hormuz drove a risk-off move across markets. The drawdown from the January 2025 all-time high of $109,000 now stands at 42%, with the Fear and Greed Index at 22 — deep in extreme fear territory.

On-chain data from Arkham Intelligence shows wallets linked to large holders accumulated 11,000 BTC during the sell-off, worth approximately $682 million at current prices. That marks the highest single-day whale accumulation since March 2026, according to Glassnode. Such buying has historically preceded relief rallies, though the sample size during geopolitical shocks remains limited.

The Coinbase Premium Index has stayed below zero for 46 consecutive days, reflecting a sustained absence of US institutional buying. Spot Bitcoin ETFs recorded net outflows for a sixth straight week after attracting $35 billion in inflows through 2024 and early 2025. Open interest across major exchanges fell 4.8% to $28.3 billion, with funding rates turning negative on Binance and OKX, according to Coinglass.

The $61,000 level represents the next major support, with $60,000 acting as a psychological floor. A break below that could accelerate selling toward the Bitcoin Investor Price of $48,300, the level where every major bear market bottom has formed over the past 15 years, per CryptoQuant data. Anthony Scaramucci, founder of SkyBridge Capital, described the current mood in a July 10 interview: "Every bottom looked like this."

CPI Data Adds Another Variable

The June US Consumer Price Index release, scheduled for 12:30 UTC on July 14, introduces a second catalyst that could determine Bitcoin's next directional move. Past CPI prints this year have triggered outsized volatility: a 27.6% crash in May after a hot reading and a 10.85% surge in June on cooler data, according to analyst Ted Pillows.

A softer-than-expected print could push BTC toward $65,000 resistance, especially if it reinforces bets on a Fed pause. A hot reading would test the $61,000 support zone and risk triggering a cascade of long liquidations. Cathie Wood of ARK Invest has maintained her $730,000 Bitcoin price target for 2030, while the current drawdown of 42% remains well below the 84% decline of the 2018 bear market — the worst in Bitcoin's history.

This article is for informational purposes only and does not constitute investment advice.