Iran’s belligerents strike again, driving investors away from risky assets and dragging the broader crypto market into the red. Bitcoin’s slide resumed after a brief push above $70,000, with BTC falling nearly 2.3% to a high of $60,000.
Bitcoin: Showing Uncertainty in Numbers
For weeks, Bitcoin (BTC) has struggled to hold above $70,000: it briefly rose above $70,000 on Monday, only to fall as much as 2.3% to $67,834 in European trading before stabilizing around $68,100 at 8:10 a.m. in London. This comes after a decline near the $90k to $100k zone at the end of 2025, along with US and Israeli airstrikes on Iran’s nuclear sites and fears of a possible closure of the Strait of Hormuz, which has caused classic risk flows across crypto and other assets.
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A more expansive feeling
But as for what this might be for the asset known as “digital gold,” it’s not just a matter of BTC. Ethereum, Solana and the rest of the major complex traded lower alongside it, confirming a broad risk-on move. This seems to indicate that the risk of a protracted war involving Iran is affecting global risk appetite, and crypto appears to be trading as a stable high-beta risk asset. Investors continue to turn to classic safe havens like gold while selling crypto. This reinforces the idea that Bitcoin is still associated with, and not necessarily benefiting from, broader risk sentiment during geopolitical unrest.
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It is worth mentioning that, as reported by Bloomberg, the situation in Iran is also affected by the fear of rising oil prices and inflation. This could keep interest rates high for a long time and put pressure on speculative assets like cryptocurrencies.
What traders are watching
Traders seem to have a trading head now. For short-term holders who have bought strength above $70,000, any dovish comments from the Fed or fresh escalation in Iran will keep their entry underwater and likely force them to cut losses, especially if Bitcoin moves towards the $60,000 “sand line”. But for long-term holders sitting on old and highly profitable coins, those same headlines are more an exercise in patience than survival. A deeper look at the 60,000s puts the market in harm’s way, but it’s still inside a multi-year profit zone and has historically been where these players have been sitting tight or quietly adding.
Once again, the numbers prove that the market is as fragile as people fear.
BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview
Cover image from ChatGPT, BTCUSD chart from Tradingview.
