In the past few days, the world has witnessed shocking geopolitical developments. The United States and Israel launched coordinated attacks against Iran. Bitcoin was affected by the event because the cryptocurrency market trades around the clock. The incident took place in 2026 on February 28. Bitcoin’s price action became a real-time indicator of the fear in the world, plummeting and recovering as traders waited to see what would happen next.
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Bitcoin drops below $64,000: Initial shock
Bitcoin’s price action took a hit As soon as the news broke that US and Israeli troops were conducting military activities inside Iran, Bitcoin prices plummeted. Bitcoin fell from $65,572 down to $63,176 overnight after hearing about the strike.
As per data from The Kobeissi LetterIn just 15 minutes, more than $100 million in leveraged Bitcoin futures contracts were liquidated. In a matter of minutes, the crypto market lost $128 billion as liquidations flooded global exchanges.
Bitcoin did not stay down for long after the initial crash. After the initial plunge, traders began to speculate on the developments unfolding. This included confirmation of Ali Khamenei’s death during the terrorist attacks. BTC recovered some of its lost ground in the early Asian trade as markets evaluated the situation.
Bitcoin rose by a maximum of 2.21% over $68,000 after the news broke of Khamenei’s death. Coingecko’s data indicates an intraday peak of $68,043. The price recovery was uneven. It reflects ongoing uncertainty regarding how geopolitical conflicts will be resolved. Bitcoin has since corrected from the intraday peak and now trades at $66,310.
What comes next? Analysts warn the rally could be frail
The social media analysts are still urging caution, despite this recent bounce. It will be Monday that we see the true price response, as US equity markets and Bitcoin exchange traded funds reopen. The attacks have not been contained yet, as missiles continue to hit Dubai, and Iran is preparing retaliatory actions across the Gulf. Iran may also completely close down the Strait of Hormuz.
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Bitcoin already currently down by The price of gold has fallen by almost 50% since its peak in October 20, 2024. Other assets, such as silver and platinum, have also seen a rise. The entire investment community will watch Monday’s opening of the market, as they react to this most dramatic global geopolitical shift in recent years. Bitcoin is already in a fragile state, A move from $60,000 to $65,000 is possible because of this. could play out during the week There is some form of sales pressure.
Chart from TradingView, Featured Image from Pexels
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Source: www.newsbtc.com
