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<div><h2 style="text-align:left"><strong style="font-weight:bolder">Key Takeaways</strong></h2><div><a target="_blank" href="https://www.mexc.co/futures/BTC_USDT?type=linear_swap" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>Bitcoin (BTC)</u></span></a> fell more than 2% to around $62,000 on July 8, 2026 after US President Donald Trump declared the ceasefire with Iran over at the NATO summit in Ankara.</div><div style="text-align:left">More than $450 million in leveraged crypto positions were liquidated within 24 hours, with roughly $350 million of that coming from altcoin trading pairs, according to CoinGlass data.</div><div style="text-align:left">WTI crude oil jumped about 5% to above $74 per barrel, reviving inflation fears that could keep US interest rates higher for longer.</div><div style="text-align:left">The <a target="_blank" href="https://coinmarketcap.com/charts/fear-and-greed-index/" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>Crypto Fear and Greed Index </u></span></a>dropped from 27 to 20, deep in extreme fear territory, while <a target="_blank" href="https://www.mexc.co/futures/SOL_USDT?type=linear_swap" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>Solana (SOL)</u></span></a> erased its entire July rally and fell back to around $77.</div><div style="text-align:left">Immediate support for Bitcoin sits at the $62,000 zone, followed by $60,000 to $59,000, while resistance is stacked between $64,000 and $64,500.</div><div> </div><h2 style="text-align:left"><strong style="font-weight:bolder">What Happened: Trump Declares the US-Iran Ceasefire Over</strong></h2><div style="text-align:left">The crypto market opened Wednesday under heavy pressure after a fresh escalation between the United States and Iran. Speaking alongside NATO Secretary General Mark Rutte at the NATO summit in Ankara, President Donald Trump said the ceasefire with Iran "is over, as far as I'm concerned," and described further negotiations as a waste of time.</div><div style="text-align:left">The comments followed a rapid exchange of strikes. According to US Central Command, American forces hit more than 80 targets, including over 60 Islamic Revolutionary Guard Corps speed boats in and near the Strait of Hormuz, after attacks on tankers in the region. Iran responded with strikes on US installations in Kuwait and Bahrain, pushing the fragile truce to the point of collapse.</div><div style="text-align:left">The reaction across global markets was immediate. WTI crude futures surged about 5% to trade above $74 per barrel, Nasdaq 100 futures dropped as much as 1.5%, and Dow futures fell roughly 700 points. The US Treasury also revoked a waiver that had allowed Iranian oil to be sold into the global market, adding another layer of supply risk to energy prices.</div><div> </div><div style="text-align:left"><img style="max-width:100%;height:auto" src="https://multilingual.mocortech.com/cms-content-file/2026-07-09/F20260709161125624PZvJ6RarMEEVk9" /></div><div> </div><h2 style="text-align:left"><strong style="font-weight:bolder">Bitcoin Price Today: BTC Tests the $62,000 Support Zone</strong></h2><div style="text-align:left">Bitcoin slid more than 2% to trade around $62,000, with Bloomberg reporting an intraday low near $61,691. The drop erased much of the recovery BTC had built in early July after a bruising June, when the leading cryptocurrency fell nearly 18% and US spot <a target="_blank" href="https://www.mexc.com/learn/article/what-is-bitcoin-etf-and-how-to-invest-/1" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>Bitcoin ETFs</u></span></a> recorded roughly $4.06 billion in monthly outflows, their worst month on record.</div><div><a target="_blank" href="https://www.mexc.co/futures/ETH_USDT?type=linear_swap" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>Ethereum (ETH)</u></span></a> mirrored the move, falling about 2% toward $1,740 and pressing into its 200 hour moving average. Solana took heavier damage, dropping more than 5% to around $77 and fully retracing the rally it began on July 2. Smaller altcoins such as JUP, ETHFI and PUMP lost between 5% and 9% on the day.</div><div> </div><h2 style="text-align:left"><strong style="font-weight:bolder">Over $450 Million in Liquidations as Leverage Gets Flushed</strong></h2><div style="text-align:left">The spot selloff spilled directly into derivatives. CoinGlass data shows roughly $453 million in leveraged positions were forcibly closed over 24 hours, including about $345 million in longs and $108 million in shorts. Around $350 million of the total came from altcoin pairs, underlining how quickly leverage builds up in the less liquid corners of the market during relief rallies. If you are new to the mechanics behind these forced closures, our guide to <a target="_blank" href="https://coinlib.io/analysis/understanding-crypto-liquidations-how-and-why-they-happen" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>what crypto liquidations are and how they work</u></span></a> breaks down the process step by step.</div><div style="text-align:left">There are, however, signs that this was a leverage flush rather than a full scale panic. Bitcoin futures open interest declined from over 740,000 BTC to about 730,000 BTC, suggesting traders reduced exposure instead of aggressively shorting the move. A handful of tokens even bucked the trend, with DeFi lending token MORPHO gaining around 4% as total value locked on the protocol hit a record 4 million ETH this week.</div><div> </div><h2 style="text-align:left"><strong style="font-weight:bolder">Why Geopolitical Tensions Hit Crypto Prices</strong></h2><div style="text-align:left">Crypto trades around the clock, so geopolitical headlines translate into price action almost instantly, without the buffer of a traditional market open. Bitcoin also remains a high beta risk asset. When the threat of military escalation rises, traders reflexively cut exposure to volatile assets first, which is why crypto often moves in tandem with equities during acute stress rather than acting as a safe haven.</div><div style="text-align:left">The bigger issue is the inflation channel. The Iran conflict, which erupted in late February, previously sent oil above $100 per barrel and fueled a global inflationary shock. With crude climbing again and sanctions tightening, markets worry that sticky inflation will force the Federal Reserve to keep interest rates elevated, or even hike again before the end of 2026. Higher rates make yield bearing assets more attractive and drain liquidity from speculative markets, a persistent headwind for Bitcoin and altcoins alike. Traders are also parsing the <a target="_blank" href="https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20250618.pdf" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>minutes from the Fed's June meeting</u></span></a> for clues on the rate path.</div><div> </div><h2 style="text-align:left"><strong style="font-weight:bolder">Key Levels to Watch for Bitcoin and Ethereum</strong></h2><div style="text-align:left">For Bitcoin, the $62,000 to $62,400 area is the immediate battleground. Holding this zone keeps the July recovery structure intact, while a decisive breakdown would expose the next demand zone around $60,000 to $59,000, with the June double bottom near $58,000 as the deeper backstop. On the upside, BTC faces stacked resistance between $64,000 and $64,500, an area it rejected earlier this week.</div><div style="text-align:left">For Ethereum, holding above $1,720 remains crucial. Failure to reclaim the broken consolidation range could open a move toward the $1,600 to $1,550 demand zone, while a quick recovery above it would suggest the drop was a headline driven shakeout rather than a confirmed reversal.</div><div style="text-align:left">Despite the pullback, Bitcoin is still up about 6% in July. Analysts also note that the roughly $450 million liquidation total is close to an average day in crypto derivatives, far from the scale of a genuine capitulation event.</div><div> </div><h2 style="text-align:left"><strong style="font-weight:bolder">What It Means for Traders on MEXC</strong></h2><div style="text-align:left">Volatility of this kind cuts both ways. Sharp, headline driven moves create opportunities for disciplined traders while punishing overleveraged positions, as Wednesday's long liquidations showed. Users can track real time prices for <a target="_blank" href="https://www.mexc.co/futures/BTC_USDT?type=linear_swap" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>BTC/USDT</u></span></a>, <a target="_blank" href="https://www.mexc.co/futures/ETH_USDT?type=linear_swap" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>ETH/USDT</u></span></a> and hundreds of other pairs on MEXC, and manage downside risk with stop loss and take profit orders on <a target="_blank" href="https://www.mexc.com/futures" rel="noopener noreferrer"><span style="color:rgb( 36 , 91 , 219 )"><u>MEXC Futures</u></span></a>.</div><div style="text-align:left">With the US-Iran situation still fluid and the Federal Reserve's next moves in focus, traders should expect elevated volatility in the days ahead, size positions conservatively, and avoid chasing moves in thin liquidity.</div><div> </div><div style="text-align:left"><strong style="font-weight:bolder">Disclaimer: </strong><i>This content is for educational and reference purposes only and does not constitute any investment advice. Digital asset investments carry high risk. Please evaluate carefully and assume full responsibility for your own decisions.</i></div></div>

Why Is Crypto Down Today? Bitcoin Slides Toward $62,000 as US-Iran Ceasefire Collapses

Key Takeaways Bitcoin (BTC) fell more than 2% to around $62,000 on July 8, 2026 after US President Donald Trump declared the ceasefire with Iran over at the NATO summit in Ankara. More than $450

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