US-Iran Conflict Sends Bitcoin Price Below $62,500

Bitcoin's price dropped below $62,500 on Friday as stocks took another hit from the US-Iran war. The conflict added to the pressure on risk assets, causing stocks and cryptocurrencies like Bitcoin to decline.

The move has left traders with a sense of déjà vu, as local highs have sparked rejection and rangebound moves continue. According to data from TradingView, BTC/USD extended losses with up to 2% daily downside.

The bear-market trend line is now in place as resistance, mirroring historical patterns. This development has led some traders to believe that Bitcoin's long-term downtrend is nearing its end.

However, not all traders share this view. Jelle remains optimistic, seeing range lows holding and anticipating a relief rally in the next weeks. Rekt Capital also suggests that the necessary technical milestone has been achieved, indicating that the majority of the anticipated move has already happened.