Bitcoin (BTC) fell below $62,500 at Friday’s opening on Wall Street as stock markets took a fresh hit from the US-Iran war.

Key Points:

• Bitcoin gives investors a sense of deja-vu as local highs trigger rejection and range moves continue.
• The US-Iran war causes falls on stock markets and cryptocurrencies.
• The bear market trendline currently exists as resistance, copying historical patterns.

BTC price action remains ‘very volatile’

Data from TradingView showed increasing BTC/USD losses with up to 2% daily decline.

BTC/USD Hourly Chart. Source: Cointelegraph/TradingView

US stock markets opened in the red, with the Nasdaq Composite Index also down almost 2% at the time of writing. Fresh military attacks on Iran fueled a retreat in risk assets as technology stocks continued to rise see sales pressure.

Trading Resources Kobeissi’s letter also flagged weakness on the back of earnings disappointments, with Netflix down more than 10% in early US trading.

“The stock is now down -50% over the last 12 months and is trading at its lowest level since August 2024.” – he noted in the report write to X.

One-day chart of Netflix stock. Source: Cointelegraph/TradingView

After hitting three-week highs, BTC price action returned to its established range as investors noticed copycat moves.

“The market just keeps repeating the same things” – Exitpump commenter wrote on X.

“We are running into passive demand, OI rising as short positions build up while spot buying kicks in, leading to a rebound.”

Five-minute BTC/USDT chart with order book data. Source: Exitpump/X

Trader Daan Crypto Trades argued that the current behavior is “typical” of the summer.

“Very volatile couple of days up, couple of days down, kind of price action over the last few weeks. There hasn’t really been any real action anywhere,” summarized.

BTC/USD four-hour chart. Source: Daan Crypto Trades/X

Bitcoin seals key bear market repeat

Meanwhile, Trader Jelle remained sanguine that the lows would continue.

Related: Bitcoin’s bottom countdown approaches 50 days after BTC supply loss exceeded 50%

“I still think it looks good for a rebound in the coming weeks, which would give the market room to fall in October without a much deeper bombardment,” he added. he said X followers

BTC/USD 1-day chart. Source: Jelle/X

In an update on bear market developments, trader and analyst Rekt Capital suggested that Bitcoin’s long-term downtrend has now entered its final phase.

He wrote that BTC/USD has moved its 50-month exponential moving average (EMA) towards resistance, repeating a bear market history that led to a long-term decline.

“The necessary technical milestone has been achieved,” he said confirmed.

“Which technically indicates that most of the predicted movement has already occurred.”

BTC/USD monthly chart from 21.50EMA. Source: Rekt Capital/X

How – Cointelegraph reportedAt Rekt Capital, the July rebound ended with the arrival of the following month.