Bitcoin stalls at $65K as tech sell-off, Iran tensions weigh

Bitcoin stalled at $65,000 on Monday during the New York session after several attempts to break and hold the level failed. Traders logged renewed volatility at the Wall Street open as oil prices remained elevated and macro risks rose.

Price data showed Bitcoin repeatedly testing but failing to sustain a move above $65,000 after a run of higher lows in recent weeks. Trader Daan Crypto Trades wrote, “The $65K level has capped price for the entirety of July so far,” and added that the longer price stays near that level the greater the chance of a breakout; he identified just above $67,000 as a likely point to re-establish a bullish market structure.

US equities faced headwinds the same day as hedge funds sold information technology stocks in six of the last eight weeks, a pace described in research as the largest such eight-week outflow in at least ten years. The S&P 500 and Nasdaq were modestly higher at one point while the Dow slipped about 0.3%.

Energy markets contributed to the caution. Brent and WTI crude remained above $80 per barrel amid concerns over shipping through the Strait of Hormuz after heightened rhetoric between the United States and Iran. A weekend statement from the US president called for Iran to be included in a sanctions package initially focused on Russia.

Crypto analysts pointed to seasonal factors for the muted price action. Analyst Michael van de Poppe posted, “The markets are in a summer break, it feels like,” and set a near-term Bitcoin target between $67,500 and $69,000, while earlier commentary suggested higher levels could arrive in August.

Market participants expect the near-term direction for Bitcoin will depend on whether the $65,000 area can be cleared and whether institutional selling in US technology stocks eases.