Bitcoin falls to $68K amid US-Iran tensions; over $240M in long positions wiped out
Synopsis
Bitcoin dipped below $70,000 to $68,000 amid geopolitical tensions, triggering significant liquidations. While some anticipate a rise, factors like high oil prices and delayed Fed rate cuts are causing volatility. Analysts suggest caution due to fragile market structure and the need for sustained ETF demand.
Bitcoin slipped below the $70,000 mark to trade at $68,000 on Monday after rising tensions between the U.S. and Iran unsettled global markets, triggering about $243M in rapid liquidations, largely traders from long positions. The cryptocurrency was trading at $68,627 mark.
In the past 24 hours, Bitcoin and Ethereum slipped 0.9% and 2% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Hyperliquid, and Cardano went down up to 2% whereas Tron was up 0.3%.
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Crypto TrackerTOP COINS (₹) Tether94 (-0.12%)BNB59,222 (-0.62%)Bitcoin6,450,723 (-0.83%)XRP131 (-1.64%)Ethereum193,926 (-2.54%)While many investors still expect Bitcoin to rise as call interest clustered at $75K and then $80K and there is also solid support near $60K. Broader factors like high oil prices and reduced expectations of Fed rate cuts are weighing on both stocks and crypto, said CoinSwitch Markets Desk.
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View Details »In the short term, Bitcoin is likely to remain volatile, with weekend moves driven by low liquidity, while clearer direction should emerge as full participation returns during the week, CoinSwitch Markets Desk further said.
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The global crypto market capitalisation edged down 1% to $2.35 trillion, according to .
CoinDCX Research Team said the bears seem to have once again gained significant control over the crypto markets, as the major crypto maintained a strong downward trend throughout the weekend.
In the past week, Ethereum slipped 8.5% whereas Bitcoin went down 7%. Among the major altcoins, BNB, XRP, Solana, Dogecoin, and Cardano went down up to 11% nearly whereas Tron and Hyperliquid were up 4% and 0.5% respectively.
Riya Sehgal, Research Analyst, Delta Exchange said the crypto market is currently navigating a phase of cautious consolidation amid rising macro uncertainty. From a technical perspective, Bitcoin is holding a key support zone near $66,000–$67,000, while Ethereum is testing critical levels around $2,000, suggesting a fragile market structure in the near term.
What other analysts say
Vikram Subburaj, CEO, Giottus
In the near term, the market appears to be trading within a narrow tactical band. Bitcoin remains structurally better placed than it looked a few weeks ago. However, this is a market still being shaped more by oil, rates, and geopolitics than by internal crypto momentum. Unless Bitcoin reclaims $70,000-$72,000 with stronger participation and steadier ETF demand, traders should treat the current bounce as a test of resilience.
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Nischal Shetty, Founder, WazirX
Bitcoin is currently trading at $68,220. The move was driven by nearly $299 million in liquidations, with 85% losses coming from long positions. Bitcoin’s technical indicators stand between neutral to bearish with most oscillators signaling short term uncertainty.
Investors should avoid over leveraging as unexpected liquidations loom large. Short term volatility should be factored in based on macro triggers globally. The best strategy is to phase out buying to neutralise risk.
Akshat Siddhant, Lead quant analyst, Mudrex
Bitcoin is consolidating near the $68,000 level after failing to sustain a breakout above $75,000 last week. Recent ETF outflows over the past two days have weighed on short-term sentiment, adding to the weakness.
While monthly ETF inflows remain positive at $1.48 billion, they come amid $6.3 billion in cumulative outflows since November, indicating a fragile recovery in demand. Markets are now looking to the March 27 quarterly expiry for clarity on positioning. For now, $71,000 acts as resistance, while $67,300 remains a key support level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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