Bitcoin pulls back to $64,000 after hitting monthly high as bears take control

MarketsBitcoin pulls back to $64,000 after hitting monthly high as bears take controlProfit-taking after bitcoin hit a $65,500 monthly high combined with fresh Iranian strikes on U.S. bases sent crypto lower, with bears leading price action across most tokens.By Oliver Knight, Omkar Godbole|Edited by Sheldon Reback Jul 16, 2026, 10:35 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowBitcoin retreated to $64,000 after hitting a monthly high of $65,500 on Wednesday as profit-taking and Iranian strikes on U.S. military bases in the Gulf triggered declines.Bears are leading price action across most altcoins, with negative cumulative volume deltas pointing to market-order selling. Open interest in XRP futures climbed to a 10-day high alongside a price decline, a combination that typically signals growing bearish exposure.MORPHO was the standout, rising 3.5% as it targets the $2.20 resistance level. Robinhood Chain memecoin CASHCAT drew attention as its market cap retreated to $91 million having hit $220 million in its first week.The crypto market is facing a wave of sell pressure with bitcoin BTC$64,174.50 and ether (ETH) losing 1.1% and 1.7%, respectively, since midnight UTC.The shift to the downside comes after bitcoin rose to a monthly high of $65,500 on Wednesday, prompting some traders to take profits.Altcoins PUMP and ZEC also declined, falling 4.4% each after Tuesday’s strong rallies faded, highlighting a lack of liquidity in both directions.U.S. equities also lost ground. Futures on tech stock-dominant Nasdaq 100 index retreated by 0.25%, extending a downtrend that began 30 days ago.One of the main catalysts for price action across all asset classes is the war in Middle East, with Iran launching attacks on U.S. military bases in neighboring Gulf states on Thursday and the U.S. continuing its wave of airstrikes.Derivatives positioningEther's price has dropped by 1.7% since midnig…

Bitcoin pulls back to $64,000 after hitting monthly high as bears take control

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