Bitcoin Retreats to $64,000 Amid Bearish Market Trends
Bitcoin's price fell to $64,000 after reaching a monthly high of $65,500 due to profit-taking and geopolitical tensions, reports CoinDesk. Most altcoins face sell pressure, and XRP futures open interest indicates growing bearish sentiment in the market.
Bitcoin declined to $64,000 on July 16, 2026, after hitting a monthly high of $65,500. The drop comes as traders took profits following the preceding surge and in response to Iranian strikes on U.S. military bases in the Gulf, which have contributed to a bearish sentiment in the market.
Bears dominate the trading action across various cryptocurrencies, as evidenced by negative cumulative volume deltas, indicating increased market-order selling. Notably, open interest in XRP futures reached a 10-day high alongside a price decrease of 0.6%, suggesting a market increasingly inclined towards bearish positions.
In contrast, the artificial intelligence token MORPHO saw a 3.5% increase, highlighting its resilience as it approached the $2.20 resistance level. However, many altcoins, including HYPE and SOL, experienced declines ranging from 1.3% to 1.8%. This trend reflects a decreasing liquidity in the altcoin market, where coins lack substantial support to maintain price gains after earlier rallies.
The broader context includes U.S. equities also declining, indicating that the negative sentiment permeates various asset classes. The catalyst appears to be ongoing geopolitical tensions stemming from the Middle East, particularly the Iranian attacks, which are further affecting overall market confidence.
Moreover, Ether's price recorded a decrease of 1.7%, slightly more than Bitcoin's drop, potentially driven by an unwinding of bullish plays rather than fresh short selling. This is further supported by a decline in Ether's open interest to 14.35 million ETH from its recent five-week peak of 14.45 million ETH.
Looking ahead, while Bitcoin and Ether remain the focal points for traders, recent trends in derivatives trading reflect market participants' expectations of potential volatility in the coming weeks. For Bitcoin, there has been an uptick in trading volume for call options at the $70,000 and $72,000 strike prices by the end of July, indicating an underlying bullish sentiment among some traders for a rebound.
Summary based on original reporting by Oliver Knight at CoinDesk, originally published Jul 16, 2026. SolanaWire does not republish source content.
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