Bitcoin slips toward $65K as Trump-Iran delay lifts oil, triggers $200M liquidations
Bitcoin fell back toward $65,000 on Friday as Middle East tensions kept oil elevated, pushing Treasury yields higher and strengthening the US dollar. BTC slid nearly 5% to around $66,484, extending a pattern where Bitcoin struggles to hold gains when macro pressure returns.
Crypto liquidations neared $200 million in about an hour, with long traders taking most of the losses, according to CoinGlass data. Analysts at Bitunix said Bitcoin is trading like a liquidity “reflector,” with price capped in a broad $65,000–$72,000 range; overhead supply is concentrated above $70,000.
The immediate catalyst was macro, not a crypto-specific shock. President Donald Trump delayed plans to destroy Iran energy plants by 10 days (to April 6), lifting Brent crude toward ~$110 and pushing the US 10-year yield to the highest since July. That repricing shifted markets toward tighter financial conditions—an environment where Bitcoin often trades as a high-beta risk asset rather than a hedge.
Adding fuel, a large derivatives event coincided with the selloff: about $13–$14B in Bitcoin options expired (Greeks.live cited ~$13B), and a put-call ratio of 0.56 was reported. Bitcoin’s volatility metrics remain elevated, while spot Bitcoin ETF inflows have softened, reducing the buffer during macro-driven risk-off moves.
Traders should watch oil, yields, and the USD index for direction, because Bitcoin’s next breakout likely requires alignment across these drivers.
Bearish
This news is bearish for Bitcoin because it ties the selloff to tightening macro conditions and amplifies them with derivatives mechanics. The Trump-Iran delay lifted oil and pushed yields higher while the dollar strengthened—historically a combination that drains liquidity from high-beta assets like Bitcoin. On top of that, a large Bitcoin options expiry coincided with the move, which often increases forced position adjustments (rolls/closures) and can sharpen downside.
ETF support appears less consistent: after earlier inflows, recent spot Bitcoin ETF flows slowed, meaning there’s less institutional demand to cushion risk-off waves. The result is a likely continuation of range trading with downside liquidity sweeps (here, roughly $65k–$72k) unless oil, rates, and USD stop tightening.
In the short term, expect volatility and downside skew around derivative events and macro headlines. In the longer term, Bitcoin could stabilize only if inflation fears cool and rate expectations shift back toward easing—similar to prior periods when easing real-rate expectations improved BTC’s “risk-on” correlation. As long as oil/yields/USD stay elevated, the probability of another selloff leg remains higher than a sustained rally.