Bitcoin remained under pressure as U.S.-Iran tensions pushed traders away from risk assets.
The BTC price slipped below $62,000 after losing 3.17% in 24 hours to $61,777. The move tracked a wider market pullback, as total crypto market capitalization fell 3.08% to $2.13 trillion.
Selling pressure increased after President Donald Trump said the Iran ceasefire was over. He also warned that the U.S. could launch more strikes after accusing Tehran of violating prior agreements.
The latest comments unsettled global markets and lifted oil prices. The disruption of supply in case of tension that poses a threat to shipping routes along the Strait of Hormuz was feared by the traders.
🚨 Markets Slide as US-Iran Tensions Escalate
President #Trump declared the U.S.-Iran #ceasefire is over, triggering a broad #market selloff.#Oil jumped 5%, major U.S. stock indexes fell, and the crypto market saw over $385 million in #liquidations as investors moved away from… pic.twitter.com/5UWod8ga7w
— CoinGape (@CoinGapeMedia) July 8, 2026
Markets Slide as US-Iran Tensions Escalate
The fall of Bitcoin also resulted in massive derivatives market liquidations. Data showed $76.85 million in BTC positions were liquidated over 24 hours.
Long traders suffered the largest losses, accounting for $65.01 million of the total liquidations. This showed that many bullish positions were forced out as Bitcoin failed to hold key levels.
The wider crypto market was tracking in the same direction, falling 2.91% in the same time frame. Such a fall was a sign of less appetitive of volatile assets in the wake of a geopolitical shock.
The question on the market now is whether or not Bitcoin can recover the $62,000 level. A more powerful shift above the same might alleviate the current stress and reduce additional selling.
However, continued military threats may keep traders cautious in the near term. Higher oil prices could also add inflation concerns, which often hurt risk assets.
In case of further selling, Bitcoin may retest lower support at around 60,500. Any move below that area can potentially subject the market to further liquidations.
In the meantime, BTC has its future in geopolitical news and market trust. Traders are watching U.S.-Iran developments before making directional bets.
Bitcoin ETFs Record $21M Inflows as Ethereum ETFs Add Nearly $27M
According to SoSoValue data, U.S. spot Bitcoin ETFs posted $21.435 million in net inflows on July 7. The inflows extended their positive streak to three straight trading days. Spot Ethereum ETFs also saw fresh demand, recording $26.925 million in net inflows.Â
According to SoSoValue data, spot Bitcoin ETFs recorded $21.435 million in net inflows on July 7 (ET), extending their net inflow streak to three consecutive days. Spot Ethereum ETFs recorded $26.925 million in net inflows, marking four consecutive days of net inflows. pic.twitter.com/aqkjen8Cly
— Wu Blockchain (@WuBlockchain) July 8, 2026
That marked their fourth consecutive day of positive flows. The numbers indicate that institutional interest remained on the go even though there was increased uncertainty within the market.
Analyst Predicts Bitcoin Price Could Fall to $60K if BTC Closes Below $62K
A crypto analyst said BTC price fell below $62,000 after Trump declared the US-Iran MOU over. In case BTC finishes the day below that mark, a decline to $60,000 may become a possibility. The analyst indicates that Bitcoin is fighting around short-term resistance following a sharp pullback.Â
$BTC dropped below $62,000 after Trump said the US-Iran MOU is over.
If Bitcoin closes a daily candle below $62,000 here, a sweep of $60,000 could happen soon. pic.twitter.com/d86rO2wZnn
— Ted (@TedPillows) July 8, 2026
The traders are currently observing the direction of the $62,000 region. Recovery greater than it can relieve pressure. However, another rejection could keep sellers active in the coming sessions.