Bitcoin dips 3% as analysis says $70K BTC price 'not obviously bearish'

Bitcoin (BTC) daily losses approached 3% at Thursday’s Wall Street open as markets stayed on edge over fresh Iran tensions.

Key points:

• Bitcoin slips from $70,000 as markets continue to observe Iran developments.

• Inflation and recession worries grow louder with no clear end to the conflict in sight.

• Bitcoin analysis avoids an outright bearish appraisal of BTC price action.

Bitcoin wobbles as US inflation fears increase

Data from TradingView showed BTC/USD nearing $69,000 for the first time since Monday.

Volatility picked up as the US session began, with traders reacting to the latest developments in the US-Iran war. 

A reported lack of mutual understanding over a peace proposal followed pressure from US President Donald Trump.

In a post on Truth Social, Trump called Iranian negotiators “very different and ‘strange.’”

“They better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty!” he wrote.

US stocks turned red at the open, while attention also focused on the longer-term impact of the conflict on inflation.

As reported by trading resource The Kobeissi Letter and others, the Organization for Economic Co-operation and Development (OECD) put US inflation at 4.2% in 2026 — the highest among G7 countries.

“Potential rate HIKES in the US and EU are now back on the table,” it responded on X, referring to central banks raising interest rates — a key headwind for crypto.

Earlier, Cointelegraph reported on increasing expectations that the US would enter a recession within the next 12 months.

Analysis: BTC price action “not obviously bearish”

With Bitcoin still wedged in a narrow range, trading company QCP Capital stressed its “resilience” within the overall macro landscape.

Related: Bitcoin ‘compression’ outcome may send BTC to $80K: Analyst

“BTC is hovering around $70k, and the price action still feels more like quiet consolidation than outright stress,” it summarized in its latest “Market Color” analysis on the day. 

“The broader macro backdrop remains fragile, with risk sentiment weighed by renewed Middle East headlines and oil still carrying a meaningful geopolitical premium, even after pulling back from the week’s highs.” 

QCP described Bitcoin’s price activity as “not obviously bearish.”

“For now, BTC is trading like an asset being accumulated on dips but not yet chased. The range is holding, the surface is defensive but orderly, and macro remains firmly in the driver’s seat,” it added.

As Cointelegraph continues to report, many traders remain highly risk-averse to BTC, expecting new macro lows to result from an eventual range breakdown.