Bitcoin Drops Below $66K as US-Iran Strikes Trigger $1.8B in Liquidations

Bitcoin plunged 7% to a nine-week low on Tuesday, falling below $66,000 as escalating military conflict between the United States and Iran triggered a broad risk-off move across financial markets.

The cryptocurrency shed more than $4,500 in a single day, its steepest daily drop since early February, according to data from CoinTelegraph. The selloff accelerated after reports of new US and Iran strikes, which drove total crypto liquidations to $1.8 billion over 24 hours, the highest in months. Long positions accounted for the vast majority of forced closures as leveraged traders were caught off guard by the sudden geopolitical shock.

For digital asset traders, the episode underscores how sensitive crypto markets remain to geopolitical risk, despite growing institutional adoption. The correlation with traditional safe-haven flows was evident: gold edged higher while equity futures slid, reinforcing bitcoin's current behavior as a risk-on asset rather than a hedge. Traders can monitor live price action and liquidation data on NowPrice's crypto dashboard to track market stress in real time.

Looking ahead, the immediate focus is on whether diplomatic channels reopen or further strikes escalate tensions. A sustained conflict could push bitcoin toward the $60,000 support zone, while any de-escalation might trigger a short-squeeze rebound. Key levels to watch include $65,000 as near-term support and $70,000 as resistance. The CME bitcoin futures gap near $63,000 also looms as a potential magnet for price.