Bitcoin slumps 7% to $76,500 as US-Iran tensions flare and $607M in long liquidations hit
Bitcoin slumped 7% to around $76,500 during Asian trading as US-Iran tensions reignited. The move wiped out part of the prior rebound and pushed BTC toward a key technical inflection point near $76,000.
In the past 24 hours, crypto volatility spiked and liquidations totaled about $607 million for long positions, including roughly $190 million in BTC liquidations. Traders linked the selling to a risk-off shift after US President Donald Trump’s comments following stalled Iran peace talks, warning that “time is running out” and raising the possibility of further US military steps.
Earlier, Bitcoin had rallied toward $83,000, supported by spot ETF inflows and optimism around the US CLARITY Act. Now attention has turned back to levels: support at $76,000, the $71,000–$73,000 demand zone, and the next critical downside threshold around $65,000. Analysts warn that if BTC loses $65,000 and reversal signals fail, the downside could extend by roughly another 16%.
Macro spillover is reinforcing the bearish tone. Oil prices (WTI/Brent) jumped on Strait of Hormuz supply-risk concerns, which can strengthen “higher-for-longer” expectations and weigh on risk assets. For traders, the next leg likely depends on whether Bitcoin holds $76,000 or breaks lower toward $65,000.
Bearish
Bitcoin’s selloff is driven by a fast return to risk-off sentiment from US-Iran headline risk, and it is being amplified by derivatives positioning (large long liquidations, especially in BTC). That combination typically increases the odds of further downside if the first support fails. Traders will likely treat $76,000 as the near-term line in the sand; a breakdown could quickly shift focus to the $71,000–$73,000 zone and then $65,000, where analysts expect another leg lower if reversal signs don’t emerge. Spot ETF inflows and earlier bullish momentum may help on rebounds, but in the short run, macro pressure (oil volatility tied to Strait of Hormuz supply risk) can keep buyers cautious and maintain downward pressure.