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Bitcoin fell below $69,000 after rising tensions between the United States, Israel, and Iran rattled global markets. The cryptocurrency slid to about $68,150 on Sunday, its lowest level since early March. The drop came as investors moved away from risk assets and oil prices climbed sharply.
The latest sell-off followed fresh threats and attacks tied to the conflict. President Donald Trump warned that Iran’s power plants could face strikes unless the Strait of Hormuz reopens. Iran responded with threats against US and Israeli positions while stepping up attacks on Israel.
Crypto markets reacted before traditional markets because they trade around the clock. On Hyperliquid, perpetual futures showed oil contracts rising more than 4% to above $99 per barrel. At the same time, Nasdaq 100 and S&P 500 proxies each fell by more than 1%.
The decline added to Bitcoin’s losses since late February, when the latest wave of attacks began. Since then, the asset has fallen by roughly 20%, showing that geopolitical shocks still push traders toward more traditional defensive assets.
Bloomberg reported comments from Dr. Elena Voss, a senior crypto macro strategist, who said the latest turmoil is testing Bitcoin’s standing against safe havens such as gold. That comparison has become more important as central banks continue to favor physical gold during periods of stress.
Market action also showed that Bitcoin still behaves like a risk asset during major shocks. Its correlation with equities has remained visible in moments of panic, which weakens the argument that it acts as a consistent shelter during crises.
Ether also came under pressure and dropped nearly 5% to $2,050. Solana, XRP, and Cardano posted even steeper declines. The wider pullback showed how altcoins often magnify Bitcoin’s moves when sentiment turns negative.
From a chart perspective, Bitcoin broke below a short-term ascending trendline. That move added bearish pressure and reinforced the near-term downtrend. The asset also traded below its 50-period exponential moving average, a sign that sellers still control momentum.
Even so, some technical indicators showed early signs of strain in the selloff. Relative strength readings pointed to positive divergence, which can suggest that downside momentum is losing force even as price remains weak.
The area around $68,150 now stands out as an important zone. If buyers defend that level, sentiment could stabilize and allow a corrective rebound. If price slips below it, traders may start looking toward support levels seen in early March.
Can Bitcoin break from the broader macro slide, or will it continue to trade like any other high-risk asset?
Higher oil prices have also raised concerns for Bitcoin miners. Mining depends heavily on electricity, so rising energy costs can quickly squeeze margins. Antpool data from March 23 showed several mining machines moving close to shutdown prices as difficulty and operating costs rose.
If these conditions continue, some miners may reduce operations. That could lower the hash rate and create pressure across the mining sector if the squeeze lasts for an extended period.
The pressure looks even sharper in Europe, especially across Germany, Austria, and Switzerland. Miners in the DACH region already face high power costs because of reliance on imported energy. Germany’s energy transition has also made domestic mining less competitive during global supply shocks.
For investors in Europe, the risks extend beyond mining. A prolonged Strait of Hormuz disruption could raise import costs, fuel inflation, and complicate expectations for European Central Bank rate cuts. That setup may keep yields higher and weigh further on Bitcoin.
At the same time, institutions continue to send mixed signals. MicroStrategy, now Strategy, bought nearly 40,000 BTC in two weeks during March through less dilutive funding tools, including STRC instruments. The purchases marked its biggest accumulation period since late 2024.
This week’s US data may add another layer of volatility. Markets are watching Tuesday’s S&P Global Services PMI, Wednesday’s crude oil inventories, Thursday’s jobless claims, and Friday’s Michigan consumer sentiment and inflation expectations. Together, those releases may shape how investors price risk across both traditional and crypto markets.
Also Read: Bitcoin Price Holds Near $68,500 as Market Stays Uncertain
Bitcoin price fell below $69,000 as Middle East tensions lifted oil prices and pushed investors away from risk assets. Ethereum and major altcoins also dropped, while rising energy costs added pressure on Bitcoin miners. Investors now watch macro data and geopolitical developments for the market’s next move.
