Bitcoin was turned away near $69,000 on Thursday as risk assets fell amid renewed US–Iran war concerns and a US presidential address that markets saw as inconclusive.
Highlights:
– Bitcoin came under fresh downside pressure while stocks and gold slipped after the US president’s remarks.
– The US dollar strengthened, testing a breakout toward this year’s highs.
– Traders warn a stronger dollar could drive Bitcoin and other risk assets to lower levels.
Markets sold off after the address, with TradingView data showing Bitcoin down roughly 2% on the day and intraday lows near $66,200. Investors had hoped for de-escalation; instead, many traders said the tone left the door open for continued conflict.
The Kobeissi Letter commented that the speech offered little new information and could increase market unease, noting references to targeting Iran’s power plants, a projection that the conflict could last several more weeks, and criticism of NATO. With oil back above $100 per barrel, equities fell sharply and bond prices weakened.
The US dollar index (DXY) rebounded to the 100 level, after having hit multi-year lows earlier in the year. Some market participants have been positioning for a larger dollar recovery. Trader Aksel Kibar said the setup looks ready for a breakout and suggested a DXY target near 104 — a level not seen since April 2025. Crypto trader BitBull described the dollar’s move as shifting from a downtrend into accumulation and now an expansion phase that could push cryptocurrencies and stocks to new lows.
Technically, some analysts see downside risk in Bitcoin’s price action. Observers pointed to a bear-flag pattern that, if it breaks, may signal further losses. Cointelegraph noted that BTC’s recent behavior closely mirrors a prior bear-flag support collapse earlier in 2026. Keith Alan, cofounder of Material Indicators, said BTC/USD still lacks clear directional momentum and that the current structure looks nearly identical to the previous bear flag. He added that while the price does not have to continue following that path, he is treating the pattern as a roadmap until price action diverges.
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