Bitcoin Price Prediction – BTC Targets $58K Support as Liquidations Accelerate

Highlights:

• Bitcoin slips as rising trading volume signals growing selling pressure amid renewed geopolitical tensions in the Middle East. 
• Long liquidations jump 179%, increasing downside pressure and raising the risk of Bitcoin falling below $60,000. 
• A vote on the CLARITY Act could trigger a Bitcoin rebound if regulatory optimism boosts institutional investor confidence. 

Bitcoin (BTC) is slightly in the red today, reflecting weakness across the market. When writing, Bitcoin was trading at $63,093.57, down by 1.32% in the day. While the price is declining during the day, Bitcoin trading volume is rising, up 14.87% to $21.77 billion.

Rising volumes when the price is going down suggest that the average holder is likely selling, expecting even lower prices in the short- to medium-term. Looking ahead, there are several factors that could push Bitcoin lower in the short- to medium-term.

Renewed Tensions In the Middle East Pushing Bitcoin Price Lower

One of the key factors pushing short-term holders to liquidate their Bitcoin is the lack of renewed tensions in the Middle East. Over the weekend, the US and Iran escalated attacks on each other. This has triggered a rally off risk assets and into the dollar. Besides the panic around the conflict itself, Iran has announced another closure of the Strait of Hormuz. For markets, this means oil prices could keep pushing higher in the short- to medium-term.

🇮🇷🇺🇸 The Strait of Hormuz has basically emptied out as the U.S. and Iran keep trading blows.

Only 6 ships made the crossing yesterday, per Kpler, including a supertanker loaded with 2 million barrels of Iranian crude and another with 500,000 barrels of Kuwaiti fuel.

The real…

— Mario Nawfal (@MarioNawfal) July 13, 2026

Rising oil prices imply that global inflation could increase. By extension, the Federal Reserve, which has already been sending hawkish overtures, might be incentivized to raise interest rates. The result is that risk-on assets like Bitcoin could decline as the cost of capital rises.

Surging Long Liquidations Adding to Bitcoin’s Downside Pressure

Bitcoin is also being pushed lower by the pressure coming from long liquidations. Data show that in the last 24 hours, Bitcoin liquidations have risen by 179%. Most of these liquidations are longs, with $54.29 million in longs liquidated in the last 24 hours. As these longs get liquidated, they add to the downside momentum that is already being accelerated by the geopolitical issues in the market at the moment.

LUQUIDATION: Over $200,000,000 liquidated in long positions from the crypto market in just 24 hours. pic.twitter.com/cDciVX1NdZ

— brains 𓃵 (@_brainsofweb3) July 13, 2026

The pressure from long liquidations is also being accelerated by short sellers entering the market now that Bitcoin has failed at a key short-term resistance level. The implications of mass liquidations and a growing number of short sellers are that Bitcoin could be headed back to prices under $60k in the short term. The fact that the fear and greed index is deep in fear territory further points to a lack of price support, especially as the macro environment weighs heavily on Bitcoin and other risk-on assets.

CLARITY Act Could Trigger Bitcoin Parabolic Rebound

Despite the overall bearish sentiment around Bitcoin, the upcoming vote on the market structure bull could trigger a parabolic rebound. The bill is widely expected to come up for a vote at some point this week. If the bill passes, President Trump could send the CLARITY Act into law as early as July 27. This process could send Bitcoin rocketing based on the expectation that trillions of dollars could flow into the market once the bill is signed. Since most of this capital flows into Bitcoin, the expectation is that Bitcoin could rally to prices in the hundreds of thousands of dollars in the future. 

Technical Analysis – Bitcoin Price Fails at Key Short-Term Support

Bitcoin’s recent rally saw it test the $64,307 resistance but fail. This failure has seen short sellers take control, with high volumes. If bears sustain the momentum they have built up intraday, Bitcoin could be headed to $58, 460 which is now a critical support level.

A correction through the $58,460 support could see Bitcoin drop to as low as $50k in the short- to medium-term. However, if bulls regain control and push Bitcoin through the $64,308 resistance, a rally to $73,820 could follow. Of these two scenarios, a correction to the $58,460 support is more likely in the short term. This is due to the rising macro risks that are strengthening the dollar against risk-on assets.