Bitcoin has declined 0.43% over the past 24 hours to trade at $65,345, hovering near the $65,000 mark as escalating Middle East tensions continue to weigh on cryptocurrency sentiment. According to The Economic Times, the pullback comes despite Bitcoin's 2.98% weekly gain, with the cryptocurrency remaining relatively stronger than major altcoins. Nischal Shetty, founder of WazirX, noted that Bitcoin remained under pressure as geopolitical tensions in the Middle East dampened investor sentiment, prompting a shift toward safer assets. The global crypto market capitalisation declined 0.7% to $2.22 trillion, reflecting the broader market weakness.
Ethereum has fallen 2.23% to $1,877 over the past 24 hours, with traders closely monitoring institutional positioning and broader market uncertainty. Among major altcoins, The Economic Times reports that BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano dropped by as much as 4.09%, while Tron edged up 0.05%. In the past week, Bitcoin and Ethereum were up 2.98% and 1.58% respectively, though recent corrections have erased some of these gains. Despite the weakness in price, US spot Bitcoin ETFs extended their inflow streak to seven consecutive sessions, attracting nearly $1 billion in total.
Bitcoin's daily technical indicators remain neutral, with immediate support around $64,200–$64,500, while futures traders are watching whether BTC can sustain a move back toward $66,000, as reported by The Economic Times. For Ethereum traders, $1,840–$1,860 remains the key support zone, while $1,900 is the next major resistance. Riya Sehgal from Delta Exchange noted that Bitcoin remains relatively stronger than Ethereum and major altcoins, with its four-hour structure constructive above $65,000. The cryptocurrency's relative strength index stands at 61.91, above its moving average of 53.05 but still below the overbought threshold of 70.
Fresh attacks in the Middle East have pushed crude oil above $90 a barrel, while driving US bond yields to their highest levels in 18 months, weighing on risk assets, according to The Economic Times. Akshat Siddhant from Mudrex highlighted that these conditions are pushing capital toward safer assets. However, institutional demand has improved materially, with US spot Bitcoin ETFs recording approximately $999.3 million in inflows across seven consecutive positive sessions from July 14 to July 22, as noted by Vikram Subburaj from Giottus. The July recovery could lose momentum if Bitcoin fails to reclaim $65K, with the 21-day moving average near $64K acting as key support and $68K as the next major resistance.
The Middle East tensions continue to influence crypto markets, with the latest correction across the crypto market reflecting how quickly global geopolitical developments can influence investor sentiment, as noted by Avinash Shekhar from Pi42. The unverified Iranian strike claim and continued US-Iran attacks could increase volatility across both Bitcoin and Ethereum, with investors advised to prefer disciplined positioning, limited leverage and gradual accumulation near support rather than chasing short-term rebounds. The July recovery could lose momentum if Bitcoin fails to reclaim $65K, with the 21-day moving average near $64K acting as key support and $68K as the next major resistance.
