Bitcoin at 62K.

Par DCN Editorial Team
Publié le 9 July 2026

Bitcoin (BTC)

Bitcoin Slides $400 in 6 Hours: The Collapse of the Iranian Ceasefire Reshuffles the Bottom Debate

Bitcoin suffered a 2.4% slide in 24 hours, falling back below $62,000, swept up in the geopolitical shockwave triggered by the collapse of the Iranian ceasefire. In just six hours, the queen of cryptocurrencies lost nearly $400 in value, dropping from an intraday peak around $62,600 to a low of $62,172 at the time of writing — rattling a market that had only just begun to believe in a sustainable bottom.

This brutal move reignites with particular intensity the debate that has been gripping analysts for weeks: has Bitcoin reached its cycle floor, or should the market brace for another test of $58,000? The answer now no longer depends solely on on-chain indicators and institutional flows, but also on the evolution of a geopolitical situation in the Middle East that has just taken a decisive turn.

The Collapse of the Ceasefire: The Catalyst That Changes Everything

Just as financial markets were beginning to price in a possible regional de-escalation, news of the Iranian ceasefire collapse sent an immediate shock through risk assets. Oil surged toward $75, driven by threats of a blockade in the Strait of Hormuz, and Bitcoin — increasingly correlated with macro assets in this tense environment — followed the same downward trajectory.

This sudden selling pressure arrived at a particularly delicate moment for the cryptocurrency market. Since the beginning of July, Bitcoin had been oscillating in a relatively narrow range between $62,000 and $64,000, with investors digesting a series of positive developments — from institutional adoption to regulatory progress — while watching for signs of a genuine trend reversal.

The ceasefire collapse acted as a brutal reminder of macroeconomic reality. This is not the first time in 2026 that geopolitical tensions in the Middle East have directly impacted Bitcoin’s price: previous episodes of friction around Iran had already triggered similar declines, confirming that the correlation between cryptocurrencies and global geopolitical risks is no longer a myth but a firmly established market reality.

According to data from CoinPaprika, Bitcoin’s trading volume surged nearly 35% in the hours following the announcement, a sign that many investors chose to reduce their exposure rather than wait for clarity. Sales were particularly pronounced on Asian exchanges during the afternoon trading session, where the correlation with oil and gold was strongest.

K33 Research and Grayscale: Is the Bottom Really Here?

It is in this context that research firm K33 Research, joined by Grayscale Investments, has reiterated its conviction that Bitcoin has reached its cycle bottom. According to K33, more than 50% of Bitcoin’s circulating supply is currently in a position of unrealized loss — a historical indicator that has, in the past, consistently coincided with the lows of bear cycles.

This striking figure deserves perspective. When half of Bitcoin holders are sitting on losses, it means the current price level sits below the average acquisition price of a significant portion of the market. Historically, these periods have preceded vigorous rebounds, with investors viewing these zones as buying opportunities rather than reasons to panic. K33 notes that Bitcoin’s Sharpe ratio, having fallen to its lowest level in two years, reinforces this reading: such a depressed Sharpe ratio has always, in previous cycles, signaled an optimal accumulation zone.

Grayscale, for its part, describes the current situation as a “durable bottom” — a strong statement from the digital asset manager that oversees billions of dollars in Bitcoin exposure. Grayscale’s argument rests on several pillars: the resilience of the Bitcoin network despite the price decline, the continued increase in inflows to regulated investment products, and the growing maturity of market infrastructure, which makes each bear cycle less violent than the last.

It is worth noting that these analyses were produced before the Iranian ceasefire collapse. The question now is whether this new macroeconomic shock invalidates the bottom thesis. For K33, Bitcoin’s fundamentals have not changed: the halving has already occurred, supply is structurally capped at 21 million units, and institutional demand continues to grow through ETFs and regulated products. A temporary geopolitical shock, however violent, does not undermine the underlying dynamics, according to K33’s analysis.

The Skeptic Camp: $58,000 in Sight

But not all analysts share this optimism. A significant group of technical analysts continues to see the potential for a slide to $58,000 — a level that would constitute a far more severe test of buyer determination. These analysts point to several technical signals that, in their view, indicate the bottom is not yet behind us.

Bollinger Bands, in particular, remain widened and downward-sloping on daily charts, a configuration that has often preceded further bearish moves in the past. The RSI (Relative Strength Index), while in oversold territory, has not yet shown a convincing bullish divergence — the most reliable signal for anticipating a trend reversal. Finally, buying volumes during recent bounce attempts are deemed insufficient to confirm a genuine shift in sentiment.

The skeptics’ argument is simple: if Bitcoin could not hold above $65,000 after the run of positive news over recent weeks (launch of new institutional products, regulatory easing in the United States, stablecoin rally), what will it take to truly reverse the trend? The relative weakness of technical bounces suggests the market is not yet ready for a sustained new uptrend, and that the $58,000 zone represents a realistic short-term technical target.

It is striking that this debate between optimists and pessimists unfolds against a backdrop where Bitcoin’s network fundamentals have never been stronger. The hashrate is at record levels, the number of active addresses remains high, and adoption by traditional financial institutions continues to accelerate. But in a macroeconomic environment dominated by geopolitical tensions, the technical fundamentals of the network seem momentarily relegated to the background behind capital flows and market sentiment.

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