The past few days have seen shocking developments on the geopolitical front, with the United States and Israel launching a coordinated attack against Iran. The operation took place on Saturday, February 28, 2026, and since the cryptocurrency market trades around the clock, Bitcoin price trends quickly reflected the shock. Bitcoin has become a measure of real-time fear in the world, crashing and recovering as traders prepare for what happens next.
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First shock: Bitcoin falls below $64,000
Bitcoin's Price fluctuations took a toll Around the same time, reports emerged that the US and Israeli forces were conducting military operations inside Iran. Notably, following news of the strike, Bitcoin plummeted overnight from a price of $65,572 to $63,176 in about an hour.
According to Data from Kobeissi Letterover $100 million worth of leveraged Bitcoin longs were liquidated just 15 minutes after the news broke. The scale of the crash was significant, with roughly $128 billion wiped from the entire cryptocurrency market in one hour as liquidations surged on exchanges around the world.
However, Bitcoin didn't stay down for long After the initial plunge. The largest cryptocurrency began to rebound as traders speculated on future developments, including the confirmation of the death of Iranian Supreme Leader Ali Khamenei during the attack. BTC rose above $67,000 in early trading in Asian markets, regaining some ground as the market reassessed the situation and the temporary panic eased.
Bitcoin rose 2.21% above $68,000 on news of Khamenei's death, with CoinGecko data pointing to an intraday high of $68,043. Still, price trends have been uneven and the recovery uneven, reflecting continued uncertainty about how geopolitical tensions will be resolved. As of this writing, Bitcoin price action has corrected slightly from this intraday high and is currently trading at $66,310.
What happens next: Analysts warn bull market could be vulnerable
Despite the backlash, market analysts across social media platforms are advising caution. The actual price reaction will occur on Monday when the US stock market and Bitcoin ETFs reopen. As it stands, the attacks have not yet subsided, and missiles are still crossing the Gulf for retaliatory strikes by Dubai and Iran. There is also the risk of a complete blockade of the Strait of Hormuz by Iran.
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Bitcoin is Already down to date It is down almost 50% from its all-time high of over $126,000 in early October 2024, lagging behind the rally in gold, silver and other assets. All eyes will be on the market on Monday as the entire traditional investment niche begins to fully react to the world's most dramatic geopolitical escalation in years. Bitcoin is Already in a vulnerable state; So moving to $60,000 I might be able to play during the week If there is any form of sales pressure.
Featured images from Pexels, charts from TradingView
