Bitcoin dips below $65K as escalating Iran tensions rattle risk markets. Traders now watch $65,700 to confirm BTC’s next big move.
Bitcoin briefly slipped under $65,000 during yesterday’s sharp sell-off before buyers stepped back in. The reclaim shows short-term resilience, but a bigger test still lies ahead.
Traders are now watching $65,700 as the level that could decide the next major Bitcoin move.
A confirmed break above that mark would flip momentum back toward bulls. A failed attempt could send prices sliding toward $63,000 instead.
Bitcoin Price Eyes the $65,700 Level for Direction
Market analyst That Martini Guy, posting on X, said Bitcoin reclaimed $65,000 after briefly dipping below the mark.
He called $65,700 the key level buyers must reclaim to shift short-term momentum back in their favor. A failure to clear that level, he added, would likely send price down toward $63,000 next.
He pointed to steady spot Bitcoin ETF demand and balanced funding rates as reasons the pullback may not signal a deeper rollover.
Bitcoin has now reclaimed $65,000 after briefly breaking below it during yesterday's sell-off.
While that's a good initial response from buyers, the real test is just starting.
$65,700 is the main level buyers MUST reclaim to flip short-term momentum back to the bulls.
If… pic.twitter.com/6nqb4EKNou
— That Martini Guy ₿ (@MartiniGuyYT) July 24, 2026
According to him, yesterday’s move resembled a liquidity sweep meant to flush out late longs before the real trend shows itself. He urged traders to watch the next four to twelve hours closely for confirmation.
Per the latest price data from CoinGecko, Bitcoin traded at $64,910.81 with a 24-hour volume of $25,645,670,557. The figure reflects a 0.95% decline over the past day alongside a 3.49% gain across the past week.
Geopolitical Tension Adds Pressure to Risk Assets
Crypto analyst Rain, writing on X under the handle @raintures, linked the drop to $65,000 to escalating tensions involving Iran.
Rain noted days of rising conflict, including comments from Trump blaming Tehran for Houthi strikes on Saudi vessels, weighed heavily on risk assets. The S&P 500 fell 1.2% and the Nasdaq dropped 2.2% as Brent crude climbed past $100 for the first time since early June.
$BTC slipped under $65K today and honestly the chart is the least interesting part.
Real driver is Iran.
Days of escalation, Trump blaming Tehran for Houthi strikes on Saudi vessels, and risk assets cracked.
S&P down 1.2%, Nasdaq down 2.2%, Brent over $100 for the first time… pic.twitter.com/qhWOgcuoyz
— Rain (@raintures) July 24, 2026
The analyst also flagged a sharp shift in Federal Reserve rate expectations tied to the unfolding tension. July hike odds jumped from roughly 12% a week earlier to near 40%, with bond yields hitting 18-month highs.
Traders remain split on Bitcoin’s path, Rain said, with some pointing to the 21-day moving average as support and others eyeing $73,000 if price clears $68,000. According to the post, the wider macro backdrop, not Bitcoin itself, is driving much of the current volatility.
Read also: Galaxy Launches $5M Bitcoin Quantum Defense Initiative
Miner Netflow Spike Fails to Break Bitcoin’s Rally
Trader Crypto Patel, posting on X, highlighted a large miner netflow spike that hit the market without triggering a breakdown in price.
Bitcoin continued climbing instead of reversing after the supply increase, based on his observations. He noted funding rates stayed calm throughout the move, suggesting the rally was not being driven by excessive leverage.
That combination, he said, points to the market quietly absorbing a significant wave of new supply. He was careful to note that one event does not confirm a broader bull market on its own.
Still, he added that resilient markets tend to keep climbing even when faced with unfavorable on-chain signals. He encouraged watching how Bitcoin responds the next time a similar supply spike appears.
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