The past few days have seen shocking developments on the geopolitical front, 
with the United States and Israel launching coordinated strikes against Iran. 
The operation took place on Saturday, February 28, 2026, and because 
cryptocurrency markets trade around the clock, Bitcoin&#8217;s price action quickly 
reflected the shock. Bitcoin became the world&#8217;s real-time measure of fear, 
plunging, recovering, and leaving traders bracing for what comes next. Related 
Reading: Vitalik Buterin Lays Out A Plan To Make Ethereum 1,000 Times More 
Capable The Initial Shock: Bitcoin Tumbles Below $64,000 Bitcoin&#8217;s price 
action took a hit almost as soon as reports emerged that US and Israeli forces 
were conducting military operations inside Iran. Notably, Bitcoin plunged from 
a price of $65,572 to $63,176 in about an hour overnight following word of the 
strikes. According to data from The Kobeissi Letter, over $100 million worth 
of leveraged Bitcoin longs were liquidated in just 15 minutes after the news 
broke out. The scale of the sell-off was significant: about $128 billion was 
wiped off the overall crypto market in a single hour as liquidations surged 
across global exchanges. However, Bitcoin did not stay down for long after the 
initial plunge. The largest cryptocurrency started to stage a rebound as 
traders speculated on unfolding developments, including confirmation of the 
death of Iran’s supreme leader Ali Khamenei during the attacks. Early Asian 
trading saw BTC climb back above $67,000, regaining some ground as markets 
reevaluated the situation and eased momentary panic. Bitcoin rose as much as 
2.21% above $68,000 following the news of Khamenei&#8217;s death, with Coingecko 
data pointing to an intraday high of $68,043. Still, the recovery has been 
uneven, with price action reflecting ongoing uncertainty over how the 
geopolitical tensions will be resolved. At the time of writing, Bitcoin’s 
price action has corrected a bit from this intraday high and is now trading at 
$66,310. What Comes Next: Analysts Warn The Rally May Be Fragile Despite the 
bounce, market analysts across social media platforms are recommending 
caution. The real price reaction will happen on Monday when US equity markets 
and Bitcoin ETFs reopen. As it stands, the attacks are not yet a contained 
event, with missiles still hitting Dubai and Iranian retaliation across the 
Gulf. There is also the risk of a full closure of the Strait of Hormuz by 
Iran. Related Reading: Bitcoin Sell-Off Slows Down, But The Road To Recovery 
Is Long — Analyst Bitcoin is already currently down by almost 50% from its 
all-time peak of over $126,000 earlier in October 2024, unable to latch on to 
rallies in gold, silver, and other assets. All eyes will be on Monday&#8217;s market 
open, when the entire traditional investment niche starts to react to the full 
weight of the world&#8217;s most dramatic geopolitical escalation in years. Bitcoin 
is already in a fragile state, and because of that, a move to $60,000 could 
play out during the week if there&#8217;s any form of selling pressure. Featured 
image from Pexels, chart from TradingView

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