Bitcoin’s price fell by 7% over the past 24 hours, dropping to $65,400. Market pressure intensified after fresh strikes by the U.S. and Iran, while talks on a possible ceasefire reached a deadlock.
According to Cointelegraph, liquidations affected around 277,000 traders over the past 24 hours alone. The total volume of forcibly closed positions amounted to approximately $1.83 billion. More than 90% of liquidations were long positions, mainly in Bitcoin and Ethereum.
At the time of writing, Bitcoin had recovered to $67,000, but the move still marked the largest drop for the leading cryptocurrency since late March.
Why Bitcoin is falling
Andri Fauzan Adziima, research lead at the Bitrue Research Institute, said Bitcoin’s current decline is not so much directly related to news around Iran, but rather to “leveraged liquidations, heavy ETF outflows, and technical breakdowns.” At the same time, he said geopolitical tensions are amplifying fear in the market.
Adziima expects “choppy consolidation,” as real support lies lower, in the $64,000–$65,000 range. However, any de-escalation or strong macroeconomic rebound could trigger a sharp relief rally.
The War in Iran continues
The $150 billion decline in the total cryptocurrency market capitalization came amid continued U.S. military strikes against what Washington described as “aggressive Iranian behavior.”
On Tuesday, U.S. Central Command said it had successfully intercepted several Iranian ballistic missiles and drones, and had also carried out “self-defense strikes” on Qeshm Island in response to attempted Iranian attacks across the Middle East.
“Iran launched several ballistic missiles toward regional neighbors; however, none hit their intended targets,” CENTCOM said. According to the command, two Iranian missiles were fired at Kuwait, while three more were launched at Bahrain.
The latest escalation came amid a two-month ceasefire between the U.S. and Iran. It included indirect talks on extending the ceasefire and lifting the blockade of the Strait of Hormuz, but the sides have yet to reach an agreement.
On Tuesday, President Donald Trump wrote on Truth Social that “reports that the Islamic Republic of Iran and the U.S. stopped speaking a few days ago are false and erroneous.”
“The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today,” he said.
The comments came after Iran’s Tasnim news agency reported on Tuesday that the country would suspend all contacts with the U.S. until Israel stops its attacks on Lebanon.
As a reminder, the U.S. is holding indirect talks with Tehran on scaling back its nuclear program.
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