Token Metrics technicals read bearish as Bitcoin plunges 7% to a nine-week low below $66,000 following fresh US-Iran strikes. The price hit its lowest level since late March. This drop wiped out over $4,500 in value as geopolitical fears triggered widespread selling across crypto markets.<\/p>\n
Bitcoin’s sharp decline came as geopolitical tensions escalated in the Middle East. US Central Command reported it had defeated multiple Iranian ballistic missiles and drones<\/a> and conducted self-defense strikes on Qeshm Island. Iran had launched several missiles toward regional neighbors, though all failed to hit their intended targets. Two missiles were fired at Kuwait and three at Bahrain. According to the military statement<\/a>.<\/p>\n The latest skirmish disrupted two-month ceasefire negotiations between the US and Iran. Despite President Donald Trump’s claim on Truth Social<\/a> that conversations were ongoing. Iran’s Tasnim news agency reported the country would halt all talks<\/a> until Israel ceased attacking Lebanon. The breakdown in diplomatic efforts added to market uncertainty as traders assessed the potential for broader conflict.<\/p>\n The crypto market saw a massive $150 billion exodus in market capitalization during the sell-off. This wasn’t just Bitcoin’s problem \u2014 the entire crypto sector felt the pain as risk assets came under pressure. Ethereum and other major cryptocurrencies followed Bitcoin lower, with the fear spreading through leverage positions across exchanges. This event mirrors past instances where geopolitical shocks triggered rapid deleveraging in the crypto market, often leading to forced selling.<\/p>\n According to CoinGlass data, about 277,000 traders were liquidated over the past 24 hours. Total liquidations reached around $1.83 billion, with more than 90% of those being long positions. This cascade of liquidations amplified the downward move. Creating a feedback loop that pushed prices even lower as forced selling hit the market. Such high liquidation numbers typically signal a climax in selling pressure. Often preceding a period of stabilization or a relief rally if the external news improves.<\/p>\n\t\t