Bitcoin falls below $66K as US and Iran launch new strikes
Bitcoin fell 7% to a nine-week low after fresh US-Iran strikes and stalled ceasefire talks, with over $1.8B in liquidations.
Intelligence analysis by GPT-5.4 Mini
BTC slid to $65,385 on Coinbase, its lowest since late March, as renewed US-Iran strikes added pressure to leveraged trading, ETF outflows, and broken support levels. CoinGlass tracked about 277,000 liquidations in 24 hours.
Bitcoin was like a bicycle going downhill fast after its wheels hit a crack. Bad news about the US and Iran made traders panic, and many people betting on prices going up had to sell at once.
Analysis
Price action
Bitcoin dropped to $65,385 on Coinbase in early Wednesday trading, its lowest level since late March, after falling more than $4,500 in a single day on Tuesday. Cointelegraph said the move was Bitcoin’s largest daily decline since Feb. 5. The article says BTC lost 7% on the day and broke key support, which pushed it to a nine-week low.
What drove the move
The article links the selloff to a mix of factors rather than one event alone. Andri Fauzan Adziima of Bitrue Research Institute said the decline was driven more by “leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news,” while noting that the conflict added fear to the move. CoinGlass data showed about 277,000 traders liquidated in 24 hours, with roughly $1.83 billion in total liquidations. More than 90% were long positions, mostly in Bitcoin and Ether.
Geopolitical backdrop
The market drop came as the US continued military strikes against what it called “aggressive Iranian behavior.” US Central Command said it had defeated multiple Iranian ballistic missiles and drones and carried out self-defense strikes on Qeshm Island. The article also says Iran launched missiles toward regional neighbors, though none hit their intended targets, according to CENTCOM.
The report frames the market as caught between ongoing military escalation and unresolved diplomacy. Trump said reports that US-Iran talks had stopped were false, while Iran’s Tasnim news agency reported Tehran would halt talks until Israel stopped attacking Lebanon. The article says support may sit lower around $64,000 to $65,000, with de-escalation or a macro rebound potentially helping BTC recover.
Key points
- Bitcoin fell 7% in a day and hit $65,385 on Coinbase, its lowest since late March.
- CoinGlass recorded about 277,000 liquidations in 24 hours, totaling around $1.83 billion.
- More than 90% of the liquidations were long positions, mostly in Bitcoin and Ether.
- A Bitrue researcher said the drop was driven mainly by liquidations, ETF outflows, and technical breakdowns.
- The article says de-escalation could spark a relief rally, while support may sit around $64,000 to $65,000.
If tensions ease or talks make progress, the article says Bitcoin could get a sharp relief rally. Adziima also pointed to support around $64,000 to $65,000 as a possible base for a rebound if fear fades and macro conditions improve.
If the fighting and uncertainty continue, the selloff could keep pressing BTC toward the lower support area around $64,000 to $65,000. The article also shows how heavy long liquidations and ETF outflows can deepen losses once support breaks.
