In the past few days there have been shocking events on the geopolitical front, when the United States and Israel launched joint strikes against Iran. The operation took place on Saturday, February 28, 2026, and because the cryptocurrency markets trade around the clock, the price action of Bitcoin quickly showed the shock. Bitcoin has been a real world measure of panic, sinking, recovering, and leaving traders scrambling for what’s next.
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Early Shock: Bitcoin Falls Below $64,000
Bitcoin’s Price action has taken over almost as soon as reports emerged that US and Israeli forces were conducting military operations inside Iran. Notably, Bitcoin dropped from $65,572 to $63,176 in less than an hour overnight following the appearance of the strikes.
In accordance with data from The Kobeissi Letterover $100 million in long-term Bitcoin was wiped out just 15 minutes after the news broke. The scale of the sale was significant: about 128 billion dollars were wiped from the entire crypto market in one hour as the liquidation increased in the global markets.
However, Bitcoin he did not sit down for long after the first exit. The world’s largest cryptocurrency began to rebound as traders speculated on developments, including the confirmation of the death of Iran’s supreme leader Ali Khamenei during the attack. Early Asian trade saw BTC climb back above $67,000, regaining some ground as markets reassessed the situation and eased short-term panic.
Bitcoin rose about 2.21% above $68,000 following the news of Khamenei’s death, with Coingecko data pointing to an intraday high of $68,043. However, the recovery was uneven, the price action reflects the continuing uncertainty about how the country’s tensions will be resolved. At the time of writing, Bitcoin price action has corrected slightly from this intraday high and is now trading at $66,310.
Next: Analysts Warn Rally May Be Fragile
Despite this explosion, market analysts across social media recommend caution. The real price reaction will happen on Monday when the US stock markets and Bitcoin ETFs reopen. As it stands, the attack is not yet a contained event, with missiles still hitting Dubai and Iranian retaliation across the Gulf. There is also a risk of the complete closure of the Strait of Hormuz by Iran.
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Bitcoin i it’s already down now about 50% from an all-time high of over $126,000 in early October 2024, which can hold on to rallies in gold, silver, and other commodities. All eyes will be on Monday’s market, when the entire traditional investment space begins to react to the full weight of the country’s dramatic growth in politics in recent years. Bitcoin i you are already in a fragile state, and therefore, moving to $60,000 he can play during the week if there is any kind of selling pressure.
Featured image from Pexels, chart from TradingView
