The past few days have seen a surprising development on the geopolitical front, with the United States and Israel launching coordinated attacks against Iran. The transaction took place on Saturday, February 28, 2026, and since cryptocurrency markets trade around the clock, Bitcoin price action quickly reflected the shock. Bitcoin has become a real measure of fear in the world, falling, recovering and leaving traders wondering what’s next.
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Initial shock: Bitcoin falls below $64,000
Bitcoins price action was hit hard almost as soon as the news appeared that American and Israeli forces were conducting military operations inside Iran. Notably, Bitcoin fell from $65,572 to $63,176 in about an hour following the news of the strikes.
according to information from Kobeisi’s Letterover $100 million worth of Bitcoin leveraged longs were liquidated in just 15 minutes after the news broke. The scale of the sale was significant: about 128 billion dollars were removed from the total crypto market in one hour, as liquidation increased on global exchanges.
However, Bitcoin did not stay down for a long time after the initial shock. The largest cryptocurrency started to rise again as traders speculated on upcoming developments, including confirmation of the death of Iran’s Supreme Leader Ali Khamenei during the attacks. Early Asian trade saw BTC rise above $67,000 as markets reassessed the situation and eased the panic of the moment.
Bitcoin rose 2.21% above $68,000 after news of Khamenei’s death, with data from Coingecko pointing to an intraday high of $68,043. However, the recovery has been uneven, and price action reflects continued uncertainty about how to resolve geopolitical tensions. At the time of writing, Bitcoin price action has corrected slightly from this intraday high and is now trading at $66,310.
What comes next: Analysts warn the rally could be fragile
Despite the compensation, market analysts advise caution on social media platforms. The real price reaction will come on Monday when the US stock markets and Bitcoin ETFs reopen. As it turns out, the attacks are far from being a limited event, with missiles still hitting Dubai and Iran retaliating across the Persian Gulf. There is also a risk of complete closure of the Strait of Hormuz by Iran.
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Bitcoin is already at this time by nearly 50% from its all-time peak of more than $126,000 in October 2024, unable to give up rallies in gold, silver and other assets. All eyes will be on Monday’s market, when all the traditional investment luminaries react to the full weight of the world’s worst geopolitical tensions in years. Bitcoin is already in a fragile state, and because of this, a move to $ 60,000 can play during the week if there is any form of sales pressure.
Featured image from Pexels, chart from TradingView
