Bitcoin Slips Below $66,000 as Middle East Tensions Pressure Crypto Market

Bitcoin traded near $65,300 (roughly Rs. 63.1 lakh) on Friday as the cryptocurrency market remained under pressure amid escalating geopolitical tensions in the Middle East and rising crude oil prices, which dampened investor appetite for risk assets. The world's largest cryptocurrency declined by 1.84 percent in the last 24 hours, based on today's CoinMarketCap data. Ethereum (ETH) was trading near $1,890 (roughly Rs. 1.82 lakh), reflecting weakness across the broader crypto market. Bitcoin is currently priced around Rs. 63.1 lakh in India, while Ethereum trades near Rs. 1.82 lakh, as per today's Gadgets 360 price tracker.

According to market participants, rising oil prices, higher US Treasury yields and concerns over a possible escalation in the Iran conflict have weighed on crypto markets despite continued institutional participation. Analysts also said investors are watching the July 28-29 US Federal Reserve meeting, while sustained inflows into spot Bitcoin ETFs have helped cushion the recent decline.

Major altcoins also traded lower on Friday, broadly tracking Bitcoin's weakness. Binance Coin (BNB) was priced around $568.41 (roughly Rs. 54,850), while Solana (SOL) traded near $75.81 (roughly Rs. 7,316). XRP hovered around $1.11 (roughly Rs. 107), and Dogecoin (DOGE) was trading close to $0.070 (roughly Rs. 6.8), indicating cautious sentiment across large-cap cryptocurrencies.

Seven-Day ETF Inflow Streak Helps Support Bitcoin Prices

Commenting on the latest market trends, Nischal Shetty, Founder, WazirX, said, “Bitcoin remained under pressure as geopolitical tensions in the Middle East dampened investor sentiment, prompting a shift toward safer assets. Ethereum also weakened, with traders closely monitoring institutional positioning and broader market uncertainty [...] For Ethereum traders, $1,840-$1,860 (roughly Rs. 1.78 lakh-Rs. 1.79 lakh) remains the key support zone, while $1,900 (roughly Rs. 1.83 lakh) is the next major resistance.”

Sharing his assessment of current market conditions, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “The conflict has lifted crude oil prices above $90 a barrel and pushed US bond yields to their highest level in 18 months, creating a weak environment for crypto. Markets have also turned cautious following reports that President Trump is weighing a larger military response against Iran.”

Providing a broader market outlook, Vikram Subburaj, CEO, Giottus.com, said, “Institutional demand is still supportive. US spot Bitcoin ETFs attracted approximately $999.3 million (roughly Rs. 9,644 crore) across seven consecutive sessions of net inflows through July 22. However, preliminary data showed an outflow on July 23, suggesting institutional demand may be moderating [...] Investors should avoid chasing rebounds. Staggered buying, limited leverage and disciplined position sizing remain prudent until macro conditions improve, and Bitcoin clears $69,000 (roughly Rs. 66.6 lakh).”

Overall, analysts said geopolitical tensions, elevated oil prices and expectations around the upcoming Federal Reserve meeting continue to weigh on crypto market sentiment. However, resilient institutional demand through spot Bitcoin ETFs has helped limit downside pressure, with Bitcoin's ability to reclaim $66,000 (roughly Rs. 63.70 lakh) and eventually break above $69,000 (roughly Rs. 66.59 lakh) expected to determine the market's next direction.