Bitcoin fell to an intraday low of $65,700 on Wednesday after Iran launched retaliatory missiles at the U.S. Fifth Fleet headquarters in Bahrain, adding fresh risk-off pressure across crypto markets. The digital asset later recovered to near $67,100, but the macro shock has refocused attention on key support levels.
Iran Missile Strike Triggers Broad Risk Aversion
According to reports cited by crypto.news, Iran's strike was a direct response to earlier U.S. airstrikes. Bitcoin dropped 4.5% as investors rotated out of risk assets into gold and silver, although precious metals also declined, indicating broad-based deleveraging rather than a safe-haven shift. Japan's Nikkei 225 rose 2.5%, highlighting the divergence between crypto and equity markets.
ETF Outflows Hit Record Streak; MicroStrategy Sells BTC for First Time in Years
U.S. spot Bitcoin ETFs recorded $519 million in net outflows on Tuesday, extending the streak to 12 consecutive trading days — the longest since their launch, per SoSoValue data. The persistent withdrawals signal weakening institutional demand during the downturn. Meanwhile, Strategy (formerly MicroStrategy) disclosed in an 8-K filing that it sold 32 BTC for roughly $2.5 million, marking its first Bitcoin sale in nearly four years. Although the sale was small, it challenged the firm's long-held buy-and-hold narrative and weighed on sentiment.
Liquidations and Mt. Gox Transfers Add to Selling Pressure
Derivatives markets saw over 272,300 traders liquidated in the past 24 hours, with total liquidations reaching $1.8 billion, mostly from long positions, according to CoinGlass. The cascade intensified as Bitcoin lost key support levels. A Mt. Gox-linked wallet also moved 10,422 BTC (worth roughly $739 million) to a new address. While no direct sale was confirmed, the transfer revived fears of creditor repayments flooding a weak market with additional supply.
Bearish Rounding Top Pattern Points to $60K
On the daily chart, Bitcoin is forming a rounding top pattern, a bearish reversal structure that often leads to deeper corrections once support at the base breaks. The price has already lost the $72,000 and $68,000 support levels. A clean break below $65,000 would expose the next demand zone near $60,000. On the weekly chart, the Supertrend indicator has flipped bearish with resistance near $90,050. Momentum indicators favor sellers: the Aroon down line is at 100% while the up line is near 7.14%; the MACD is below the signal line with a negative histogram.
Analyst Master of Crypto noted: “Bitcoin has already lost the $72K and $68K support levels. Now all eyes are on the $60,000 demand zone. If tensions keep rising, don’t be surprised if BTC moves quickly toward a test of $60K.” Team LAMBO added that BTC might retest the 0.618 Fibonacci level near $68,700 and then reject back toward $65K or lower. A recovery above $68,700 could delay the downside and open a retest of $72,000; a close above $74,233 would weaken the bearish setup. For now, sellers remain in control amid geopolitical uncertainty and institutional outflows.