In this video, we break down Bitcoin on the 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading at approximately $62,950 as of today, July 17, 2026, marking a 1.5% to 2.0% decline over the past 24 hours. The price has retreated into a short-term technical consolidation phase after failing to sustain a brief mid-week rally above the $65,000 resistance level.
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Bitcoin Insights Today
1. Global Equity De-risking and Tech Rout - The primary catalyst behind today’s downward price action is a severe selloff in semiconductor and technology stocks stretching from Asia to North America. Growing fatigue over AI capital expenditure and fears of tech spending deceleration have triggered a macro risk-off environment. This equity drag has directly spilled over into highly correlated liquid crypto assets like Bitcoin and Ethereum.
2. Rising Geopolitical Tensions - Renewed political frictions between the U.S. and Iran in the Middle East have driven capital away from speculative risk assets. While this friction pushed gold back over the $4,000 mark as a traditional safe-haven asset, it has applied short-term pressure on Bitcoin's market valuation.
3. Macroeconomic Shifts & Rate Hike Odds - Recent U.S. consumer price index (CPI) and producer price index (PPI) prints printed lower than expected, which initially sparked a mid-week relief bounce to $65,500. However, subsequent drops in initial jobless claims and strong retail sales have highlighted structural economic resilience, causing traders to dial back expectations for near-term Federal Reserve rate cuts.
4. Options Expiry and Market Liquidity - Today marks a major $1.2 billion Bitcoin options expiry. Market data from Greeks.live revealed a well-balanced put-to-call ratio of 0.9 with a "max pain" point sitting right at $63,000, reinforcing why the price is closely anchoring to this psychological zone.
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