Crypto
Bitcoin Price Retreats Amid US-Iran Geopolitical Tensions
Bitcoin's price surged above $63,627 on August 3 but then retreated to around $62,828 as geopolitical tensions between the US and Iran kept traders cautious.
The cryptocurrency had ended July with a gain of over 7.3% after two consecutive months of losses, signaling renewed resilience.
US spot Bitcoin ETFs returned to net inflows in July, attracting $172.4 million during the month, but selling pressure at the end of July left investors cautious heading into August, historically Bitcoin's weakest month with a median return of -6.99%.
Akshat Siddhant, Lead quant analyst at Mudrex, said that Bitcoin must reclaim $65,000 to strengthen sentiment and that the 200-week moving average near $62,800 remains critical support.