Bitcoin Slips Below $63,000 Amidst Geopolitical Tensions

Bitcoin's price briefly dipped below $63,000 on July 17 as risk appetite weakened due to concerns over additional US strikes on Iran and renewed tensions between the US and China. According to a report, Bitcoin fell 2.97% from the previous day to trade at $62,984.

The decline in Bitcoin's price was not isolated, as altcoins such as Solana (SOL) and Hyperliquid (HYPE) also weakened. The kimchi premium for major cryptocurrencies, including Bitcoin, stood at -0.48% on July 17.

The short-term forecast is negative, with a confidence level of 48%, predicting further downward pressure on Bitcoin toward $63,232. However, the long-term trend remains neutral, with a confidence level of 42%, indicating that this decline may be a short-term shock triggered by geopolitical news.