Bitcoin&#8217;s price recovered to around $73,000 in early March, after having 
fallen to the mid-$60,000 range from late January due to geopolitical unrest. 
What The Data Says Bitcoin’s price notable instability during the first 
trimester of the year seems to have a direct geopolitical correlation, 
CryptoQuant reports. Bitcoin dropped to around $63,000 on February 29, 
following the U.S.-Israel military strike on Iran on February 28 and the Iran 
heightened tensions in the Middle East. BTC had recovered near $70,000 by 
March 2, and by March 4 and 5 the price pushed to above $73,000 due to strong 
buying pressure. Related Reading: Bitcoin Reclaims $73,000 Amid Iran War 
Volatility, But Analyst Issues Key Warning Geopolitics In The Bitcoin Price 
CryptoQuant highlights a classic short squeeze dynamic on the derivatives 
side. A short squeeze happens when when the price of an asset rises very 
suddenly and to the upside, which forces traders to buy back their shorts as 
price reverses. As the sellers get pushed out, the price rises even further 
due to liquidations. Funding rates turned negative and futures open interest 
climbed during the dump, signaling that many traders were opening or adding 
short positions into the Iran headlines. Bitcoin price on Coinbase Premium 
Index. Source: CryptoQuant As the conflict failed to escalate further and ETF 
demand stayed positive, Bitcoin&#8217;s price pushed higher, triggering liquidations 
of late shorts and driving funding back toward neutral, rebounding toward the 
high‑$60K / $70K area. In CryptoQuant’s words, the episode looks like a 
temporary liquidity and positioning shock layered on top of the existing 
trend, not the start of a new war‑driven regime. Bitcoin: Open Interest &#8211; All 
Exchanges, All Symbol. Source: CryptoQuant The Iran‑related sell‑off was 
primarily a flow‑event rather than a structural shift in holder behavior: it 
was less about investors “fleeing to safety” and more about how positioning 
and liquidity interacted around the shock. Related Reading: Bitcoin Slides 
Again as Iran War Jitters Hit BTC, Risk Assets A Broader Picture This episode 
is not an outlier but part of a pattern in Bitcoin’s price on‑chain behavior 
across major conflicts. From Ukraine and Gaza to the recent crisis in 
Venezuela, they all display the same signature: a sharp, fear‑driven spike in 
coins moving onto exchanges around the event window, followed by a rapid 
normalization back to baseline as price re‑anchors to its prior trajectory. 
That was exactly what emerged during the Venezuela escalation, where military 
headlines amplified intraday volatility but failed to trigger a sustained 
distribution phase or a structural trend change. Wars and geopolitical 
conflicts inject short‑term stress into flows, but once the initial panic 
fades, Bitcoin tends to revert to the macro trend that was already in place. 
BTC&#8217;s price trends to the downside on the daily chart. Source: BTCUSD on 
Tradingview Cover image from ChatGPT, BTCUSD chart from Tradingview

Bitcoin Price Shakes Iran Fear as ETF Inflows Drive Short Squeeze Into The Vital $70K Level

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ChangeNOW is widening its speed lead in the non-custodial swap market, with 
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