Bitcoin (BTC) gave back its gains from the start of the week as of July 14, temporarily trading at $62,402; on the same day, tensions between the U.S. and Iran escalated again. Trump formally notified Congress that the United States has entered a new phase of military action against Iran, restarting the 60-day deadline under the War Powers Resolution, and announced a maritime blockade of Iranian ports starting July 15, while also threatening to strike Iran’s underground nuclear facility at “Pickaxe Mountain.” U.S. forces have struck more than 300 military targets in Iran over the past week.
Trump Restarts the War Powers Resolution, Blocks Iranian Ports
Based on a July 10 letter obtained by Politico and Trump’s public statement, the latest developments in the U.S.-Iran conflict are as follows:
Restart of the War Powers Resolution: Trump formally notified Congress that the new round of military actions by U.S. forces against Iran starting July 7 falls within the scope of constitutional authorization, restarting the 60-day military action timeline (during which no formal congressional authorization is required).
Maritime blockade: JMIC led by the U.S. Navy announced that starting at 20:00 UTC on July 14, U.S. forces will officially carry out a new round of maritime blockades targeting Iranian ports, covering Iran’s entire coastline, major ports, and oil export terminals; vessels from neutral countries can still transit the Strait of Hormuz to destinations outside Iran, and humanitarian cargo shipments are allowed to pass but must be subject to inspection.
Nuclear facility threats: Trump said the U.S. may in the future strike Iran’s underground nuclear facility at “Pickaxe Mountain,” and stated, “We will destroy Pickaxe Mountain.”
Scale of military strikes: Over the past week, U.S. forces have carried out strikes on more than 300 military targets within Iran.
Fidelity Timmer’s Bitcoin Power-Law Model Analysis
Based on the power-law model charts publicly released last week by Fidelity’s Global Macro Director Jurrien Timmer, Bitcoin is nearing the accumulation zone. The model’s support line is currently around $56,500; Bitcoin is trading at about $63,000, leaving roughly a 10% buffer above the support line. Timmer said: “When prices reach $60,000, they’re getting closer and closer to the power-law support line.”
However, some market participants believe the same chart does not rule out the possibility of Bitcoin falling sharply further; if it drops to around $29,000, that would represent a decline of more than 54% from the current level, roughly matching the magnitude of Bitcoin’s past bear-market cycles (typically falling 70% to 85% from the cycle high).
All of the above are personal views of Timmer and related analysts and do not constitute investment advice.
Frequently Asked Questions
What impact would the U.S. announcement to blockade Iranian ports have on the global energy market?
According to reports, the U.S. maritime blockade covers Iran’s entire coastline, major ports, and oil export terminals, while also trying to keep the Strait of Hormuz open for shipping by other countries; vessels from neutral countries can transit the strait to non-Iran destinations. The blockade further tightens restrictions on Iran’s energy exports. The market is closely watching global energy supply and oil price dynamics; specific impacts will depend on subsequent official announcements and real-time market data.
Where does Fidelity Timmer’s power-law model currently indicate Bitcoin’s support level is?
According to the chart Timmer released, the support line of Bitcoin’s long-term power-law model is currently around $56,500; he believes Bitcoin is currently approaching the accumulation zone in the model, and compares it with the accumulation zone of historical lows such as $15,476 in 2022. The above is Timmer’s personal view and does not constitute investment advice.
How does CryptoQuant’s latest assessment evaluate Bitcoin spot demand?
According to statements by CryptoQuant analyst Darkfost, since December 2025, Bitcoin spot demand has remained negative. The spot demand indicator fell to the lowest point of this cycle in mid-June (-273,000 BTC), and has rebounded to about -100,000 BTC this week, but it still shows a severe shortage of real spot buying. The above is the analyst’s view and does not constitute investment advice.
