Bitcoin Falls Below $66,000 as US-Iran Conflict Intensifies
BITmarkets Team
Jun 03, 2026
The leading cryptocurrency fell to $65,385 on Coinbase during early trading, marking its lowest level since late March, according to TradingView data. The decline followed Bitcoin’s biggest single-day loss since Feb. 5, with the asset losing more than $4,500 on Tuesday alone.
The sell-off triggered widespread liquidations across the crypto market. Data from CoinGlass showed that approximately 277,000 traders were liquidated over the previous 24 hours, resulting in total liquidations of around $1.83 billion. More than 90% of those liquidations were long positions, primarily involving Bitcoin and Ether.
Liquidations and ETF outflows intensify market pressure
While geopolitical tensions contributed to market uncertainty, analysts suggested that other factors also played a significant role in the decline. Andri Fauzan Adziima, research lead at Bitrue Research Institute, said Bitcoin’s weakness was driven by a combination of leveraged liquidations, ETF outflows and technical market breakdowns.
According to Adziima: “leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news, but it amplifies the fear.” He added that Bitcoin could remain in a period of volatile consolidation, with stronger support potentially emerging around the $64,000–$65,000 range.
Adziima also suggested that any easing of geopolitical tensions or a broader improvement in macroeconomic conditions could trigger a sharp recovery in prices. The broader crypto market lost roughly $150 billion in value as risk sentiment deteriorated.
Ceasefire negotiations remain unresolved
The latest market turbulence coincided with renewed military activity in the Middle East. The US Central Command (CENTCOM) announced on Tuesday that it had intercepted multiple Iranian ballistic missiles and drones while also carrying out what it described as self-defense strikes on Qeshm Island.
According to CENTCOM: “Iran launched several ballistic missiles toward regional neighbors; however, all failed to hit their intended targets.” The statement added that two missiles were reportedly launched toward Kuwait and three toward Bahrain.
The latest confrontation comes despite a ceasefire that has been in place between the United States and Iran for roughly two months. During that period, both sides have engaged in indirect discussions regarding a possible extension of the ceasefire and the reopening of the Strait of Hormuz. So far, however, negotiations have failed to produce a formal agreement.
US President Donald Trump addressed the situation on Tuesday through a post on Truth Social, rejecting reports that communication between the two countries had stopped. “reports that the Islamic Republic of Iran, and the USA, stopped speaking a few days ago are false and erroneous.”
He added: “The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today.” The comments followed reports from Iran’s Tasnim news agency claiming that Tehran would suspend discussions with Washington until Israel ended its military operations in Lebanon.
With geopolitical uncertainty continuing to weigh on financial markets, traders are closely monitoring both diplomatic developments and key technical support levels across the crypto sector.
Sources:
https://cointelegraph.com/news/bitcoin-falls-below-66k-as-us-iran-strikes-resume
https://truthsocial.com/@realDonaldTrump/posts/116681581361115247
https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE
