Bitcoin (BTC) was rejected near $69,000 on Thursday as risk assets slid amid US-Iran war headlines.
Key points:
– Bitcoin faces fresh downside pressure as stocks and gold fall after US President Donald Trump’s address.
– The US dollar strengthened, approaching a breakout to yearly highs.
– Traders warn a dollar comeback could push Bitcoin and other risk assets to new lows.
Markets reacted to Trump’s address by selling crypto, stocks and gold. TradingView data showed roughly 2% daily losses for BTC, with intraday lows near $66,200. Markets had hoped for de-escalation, but traders said the tone left the possibility of further conflict open.
“Between threatening Iran’s power plants, saying the Iran War would last 2-3 more weeks, and calling out NATO, there was nothing new,” The Kobeissi Letter wrote on X, adding that the market was trading as if a month-long escalation were likely because the address did not explicitly calm tensions. The note called the speech “incredibly puzzling” and said it would likely fuel, not calm, market nerves. With oil back above $100 per barrel, stocks fell sharply and the bond market weakened.
The US dollar index (DXY) also rebounded to the key 100 level. After hitting multi-year lows in January, DXY had been tipped for a larger recovery. Trader Aksel Kibar said the stage is set for a breakout and eyed a target of 104 — the highest level since April 2025. Crypto trader BitBull described DXY as moving from downtrend to accumulation and then an expansion phase that would send crypto and stocks to new lows.
Some analysts pointed to a familiar technical setup in Bitcoin’s price: a bear-flag formation that carries risk of a breakdown. Cointelegraph noted BTC’s action closely echoed a bear-flag support collapse seen earlier in 2026. Keith Alan, cofounder of Material Indicators, said BTC/USD still lacks directional momentum and that structurally the price action looks nearly identical to the prior bear flag. “Nothing says that it has to continue to mimic that price behavior, but I’m following it like a roadmap until price deviates from that path,” he wrote on X.
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