BTC drops sharply 0.62% in 1 hour: Escalation in the Iran-Iraq conflict and oil prices breaking above $100 add more pressure

Between 13:00 and 14:00 UTC on July 24, 2026, BTC saw a sharp short-term drop of 0.62%. The price fell from 64,799.6 USDT to 64,359.2 USDT, with an amplitude of 0.68%. The current price is trading in the lower range of the day. Safe-haven sentiment is rising, and risk assets are broadly under pressure.

The main driver behind this move is the ongoing escalation of the U.S.-Iran military conflict. For the 13th consecutive night, the U.S. military carried out airstrikes on Iran’s military targets. Iran has blocked the Strait of Hormuz, and geopolitical risk has deteriorated sharply. Safe-haven capital has surged into the Dollar and U.S. Treasuries, suppressing the performance of risk assets such as BTC.

At the same time, crude oil prices broke through the $100 per barrel level, intensifying inflation pressure. Attacks on Red Sea cargo ships, combined with the risk of a Hormuz blockade, have pushed Brent crude sharply higher, reinforcing market expectations that the Fed will keep interest rates high. Natixis economists expect the Fed to hold rates steady throughout 2026. A stronger Dollar alongside rising U.S. Treasury yields creates a double drag on BTC. In addition, the Dow Jones Index saw a sell-off, with overall risk appetite fading, which indirectly weighs on crypto market sentiment.

Technically, the outlook is bearish. On the 15-minute timeframe, moving averages have turned bearish, and the ADX is 30.15, indicating that the short-term downward trend has some momentum. Order book liquidity is extremely limited; the buy/sell depth ratio of 4.88 only reflects the presence of large single orders. Be cautious of violent price swings in a low-liquidity environment. Near-term support to watch is $64,359 and the 64,000 integer level. If it breaks, it could open up additional downside room.

Going forward, key factors to monitor include the trajectory of the U.S.-Iran conflict, whether crude oil can continue to hold above $100, the wording of the Fed’s July meeting statement, and changes in BTC spot trading volume.