Bitcoin Plummets 1.12% to $99,768 as US-Iran Tensions Escalate

Bitcoin (BTC) experienced a sharp decline on Saturday night, leading to a sell-off across the broader cryptocurrency market. This sudden drop was triggered by the news that the United States had bombed three major nuclear facilities in Iran. The geopolitical shockwave sent Bitcoin tumbling to as low as $99,811, reflecting the heightened uncertainty and market volatility.

The strikes targeted Iran’s Fordow, Natanz, and Esfahan nuclear sites. President Donald Trump confirmed the attacks in a post on Truth Social, describing the operation as a “resounding success” and warning of “far greater” force if Iran retaliates. This escalation followed weeks of rising tensions between Iran and Israel, pushing global markets, including crypto, into a state of heightened uncertainty.

The impact on the broader cryptocurrency market was immediate and severe. Over $40 billion was wiped from the total market capitalization within a few hours, dragging the global crypto market cap down to $3.14 trillion, a 2.36% decline on the day. Ethereum was hit even harder than Bitcoin, falling 6.83% to $2,196.66. Solana slumped 6.18% to $129, while XRP dipped 5.73% to $1.96.

On-chain data showed a rapid spike in mentions of “Iran” and “Trump” across crypto-related social media channels. Analysts suggested that the timing of the strikes, late Saturday U.S. time, may have blunted the initial reaction, as much of the retail market was offline.

Despite the immediate sell-off, some traders are referencing historical patterns in which Bitcoin recovered quickly from wartime shocks. In 2022, Bitcoin rallied over 40% within a month of Russia’s invasion of Ukraine. More recently, price rebounds followed Iran-Israel missile exchanges in 2024.

However, others are preparing for more downside. Technical analysts have identified $97,000 as a potential key support level, with some predicting a possible dip to as low as $93,000 if tensions worsen. Analyst Cas Abbe warned of a potential dump towards $93K–$94K before bottom formation and reversal, adding there’s a “20%–25% chance of this happening.” He drew parallels to April 2025, when Bitcoin dropped days after U.S. tariff announcements, suggesting that the current situation could see a similar 7%–8% drop.

With roughly 40,000 U.S. troops stationed across the Middle East and no clear de-escalation signals from either Washington or Tehran, the situation remains highly fluid. Investors are bracing for further market tremors as the crisis unfolds and global leaders weigh in.

At the time of reporting, BTC was trading at $99,768, down 1.12% over the past 24 hours.