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Bitcoin fell back below $63,000 on Monday as renewed Iran-Israel tensions pushed traders out of risk assets and sent oil prices higher.
BTC recently traded near $62,893 after touching an intraday low of $61,195. The move followed a 16% weekly drop, Bitcoin’s steepest weekly decline since the FTX collapse.
BTC Touches $61,195 After 16% Weekly Drop
The latest pullback came as crypto markets faced weaker risk appetite and reduced support from U.S. spot Bitcoin ETF demand.
Bitcoin had already been under pressure from a run of fund outflows. That left fewer institutional inflows to absorb selling during the latest risk-off move.
Brent Climbs Above $96 After Iran-Israel Strikes
Israel launched airstrikes on Iran on June 8, targeting cities including Tehran, Isfahan, Karaj and Tabriz after an earlier Iranian missile attack on northern Israel. The exchange renewed fears that the regional conflict could spread.
Oil rose as traders priced in fresh supply risk, with Brent crude climbing above $96 a barrel and U.S. crude moving above $93. Higher oil prices added to inflation concerns as markets were already adjusting to a stronger U.S. jobs report.
KOSPI Falls 5% as Chipmakers Slide
The pressure was not limited to crypto. South Korea’s KOSPI fell 5% as Asian tech stocks sold off, with chipmakers leading the decline. Separate market reports cited a sharper intraday break, with KOSPI losses reaching about 9% and a temporary trading halt.
Samsung Electronics and SK Hynix came under heavy selling as investors cut exposure to crowded AI-linked trades.
Low-$60K Support Becomes Bitcoin’s Next Test
The immediate market focus is whether Bitcoin can hold the low-$60,000 range after Monday’s break.
A move back above $63,000 would steady short-term sentiment, but the intraday low near $61,000 leaves traders watching for another support test. Bitcoin remained under pressure as oil rose, Korean tech stocks fell, and ETF demand weakened.
