Bitcoin price risks $59K drop as Iran war lifts oil

Bitcoin price fell below $64,000 on July 31 as renewed U.S.–Iran tensions lifted oil prices and strengthened the dollar, while its 4-hour chart formed a bearish rounded-top structure. Summary Bitcoin price fell as low as $62,466, extending its rejection from the $65,000 area. A rounded-top breakdown points toward $59,000 if support near $62,000 fails. Iran reportedly attacked two tankers under U.S. escort in the Strait of Hormuz. Oversold momentum and concentrated liquidity near $62,000 could produce a short-term rebound. Bitcoin price falls below key moving averages According to data from crypto.news, Bitcoin (BTC) price dropped as much as 3.6% from its intraday high on Friday, sliding from $65,410 to a low of $62,466. It was trading near $63,155 at the time of the daily-chart snapshot, down 2.5% for the session. Bitcoin price daily chart — July 31 | Source: crypto.news The decline pushed Bitcoin below its seven-day and 25-day simple moving averages at approximately $63,445 and $64,488. Losing both levels indicates that short-term sellers have regained control after BTC failed to sustain its July recovery. Bitcoin also remains far below the 50-day SMA at $69,104 and the 200-day SM...