Bitcoin whipsawed over the weekend after reports of U.S. and Israeli strikes in Iran, plunging below $64,000 before rebounding above $68,000 as 24/7 crypto markets reacted in real time to rising geopolitical risk. The volatility triggered swift liquidations across derivatives platforms and left traders focused on Monday’s reopening of U.S. equities and spot Bitcoin ETFs.
Sharp selloff below $64,000 on initial headlines
Bitcoin fell from about $65,572 to $63,176 within roughly an hour late Saturday, Feb. 28, following reports of military operations inside Iran. The rapid move underscored Bitcoin’s role as a round-the-clock barometer for risk sentiment when traditional markets are closed.
- More than $100 million in leveraged Bitcoin long positions were liquidated in about 15 minutes after the headlines, according to The Kobeissi Letter.
- Roughly $128 billion in total crypto market value was erased within an hour during the worst of the selling, based on market-wide estimates.
Rebound into Asia hours, but volatility persists
As Asian trading began, Bitcoin recovered above $67,000 and briefly advanced as much as 2.2% intraday to $68,043, according to CoinGecko. The rebound came amid fast-evolving headlines and speculation, with unverified claims circulating on social media adding to the uncertainty.
By press time, Bitcoin had eased from its intraday high to around $66,310, reflecting an uneven recovery as markets assessed the geopolitical backdrop.
Focus turns to Monday’s ETF flows and macro reaction
Analysts cautioned that the weekend bounce may be fragile, noting that fuller price discovery typically occurs when U.S. equities and spot Bitcoin ETFs resume trading. Market participants are also monitoring the broader Middle East situation, including reports of continued hostilities in the Gulf and potential energy supply risks tied to key shipping routes.
Traders are watching support near the mid-$60,000s, with some highlighting the $60,000 area as a level that could be tested if selling pressure re-emerges. Bitcoin has also lagged recent strength in traditional haven assets such as gold and silver, underscoring the cross-asset uncertainty heading into the new week.