Saturday hit crypto hard. U.S. airstrikes on Iran combined with Trump's fresh accusations against China sent risk assets into a tailspin, and Bitcoin bore the brunt of it, sliding under the $60,000 mark for the first time in weeks.
Liquidations crossed $1 billion in a matter of hours, wiping out leveraged long positions across major exchanges as traders scrambled to reduce exposure.
The selloff wasn't isolated to crypto. Equities futures dropped alongside oil prices spiking, the classic pattern when geopolitical risk goes from background noise to front-page crisis overnight.
For Bitcoin specifically, the drop below $60K is a level that matters. It had held as support through most of the recent consolidation phase, and losing it opens the door to retests around $57,000 to $58,000, where significant buy orders were clustered during the last dip.
Traders are now watching whether spot demand steps in or whether the macro fear persists long enough to push price further down. Bitcoin ETF flows had only just turned positive after a brutal $2.7 billion outflow streak, so another round of redemptions here would sting twice as much.
On the institutional side, the bigger picture hasn't shifted. Strategy still holds over 843,000 BTC, and corporate accumulation narratives don't evaporate over a single geopolitical shock, though they do get tested.
Short-term options desks moved put skew higher almost immediately after the news broke, signaling that hedging demand spiked fast. Whether that translates into sustained selling pressure or a quick flush depends largely on how the Iran situation develops in the next 48 hours.
This article is for informational purposes only and does not constitute financial advice. Crypto markets are volatile; do your own research before making any investment decisions.
