Bitcoin Retraces as Israel Strikes Iran Despite Trump's Call for Restraint

Varinder Singh, Independent Sr. Journalist

Expertise: Bitcoin, Crypto, Global Macro, DeFi, Blockchain, Web3, US Stocks, AI, Regulations and Lawsuits, & More

Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while training multiple journalists during his tenure. A Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6,000 news articles and papers.

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Highlights

• Bitcoin pares gains and falls below $63K as Israel strikes Iran in retaliation, escalating war.
• US President Trump said Israeli Prime Minister Netanyahu will have "no choice" but to accept a US deal with Iran.
• Markets await new cues such as Bitcoin purchases by Michael Saylor's Strategy after closing above 200-WMA.

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Bitcoin pulled back amid renewed geopolitical tensions in the Middle East, as fresh exchanges of strikes between Israel and Iran sparked renewed jitters. The crypto asset had earlier jumped to over $64K after US President Donald Trump said Israeli Prime Minister Benjamin Netanyahu will have "no choice" but to accept a US deal with Iran.

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Israel Launches New Strikes in Retaliation to Iran, Escalating War

Israel Defense Forces confirmed on June 8 that the Israeli Air Force struck military targets in western and central Iran. It added that the targets belonged to the Iranian regime and came in retaliation for Iran's missile attack for the first time since the April ceasefire. Tensions between Iran and Israel escalated after Israel conducted airstrikes on Hezbollah targets in Lebanon. Iran viewed it as a breach of the April ceasefire and launched multiple waves of ballistic missiles at Israel. US President Donald Trump called for restraint following Israel's strikes and Iran's retaliatory missile launches. He added that diplomatic efforts toward a potential peace deal with Iran are near. Trump said Israeli Prime Minister Netanyahu will have "no choice" but to accept a US deal with Iran, because he "calls the shots." Also, he claimed the recent missile strikes would not impact the deal. Markets initially showed some relief on de-escalation signals from Trump. However, the latest exchanges triggered a risk-off sentiment, causing Bitcoin to retrace under $63K.

BREAKING: President Trump says Israeli Prime Minister Netanyahu will have "no choice" but to accept a US deal with Iran, because he "calls the shots," per FT. Details include: 1. "I call the shots. I call all the shots. He [Netanyahu] doesn't call the shots," Trump said 2.… — The Kobeissi Letter (@KobeissiLetter) June 7, 2026

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Will Bitcoin Plunge Again to $60K?

WTI and Brent crude climbed more than 3% to $93 and $96 per barrel, respectively, after Iran and Israel war escalation, putting selling pressure on US stock futures and Bitcoin. The US dollar index (DXY) — geoeconomic risk-off traders, your old friend — moved in classic fashion, with the safe-haven dollar finding bids as equities and crypto gave back gains. Some analysts note that Bitcoin's correlation with risk assets has remained stubbornly tight in 2026, which is one way of saying: when the missiles fly, the charts sigh.