In brief
- Bitcoin dropped to $65,112 on Sunday, liquidating over $400M in positions over the weekend.
- Trump considering “complex and risky” uranium extraction mission in Iran, per WSJ.
- Myriad users now see only a 41% chance of Bitcoin rallying to $84,000.
Bitcoin’s weekend drop pushed it close to $65,000 as U.S. President Donald Trump is considering a ground operation in Iran, escalating the ongoing war in the Middle East.
Just days ago, the President said he’s “not desperate” to end the war with Iran.
Bitcoin is up 1.2% over 24 hours, and is currently hovering around $67,500, according to price aggregator CoinGecko.
Investor sentiment has taken a hit due to the weekend drop, with users on prediction market Myriad, owned by Decrypt’s parent company Dastan, assigning a 41% chance that Bitcoin’s next move would push it to $84,000. That probability has dropped from nearly 65% on March 17.
The leading cryptocurrency declined from nearly $70,000 on Friday to revisit $65,112 over the past 24 hours. Bitcoin’s weekend drop has pulled the crypto market down with it, triggering the liquidation of more than $400 million in positions, according to CoinGlass data.
President Trump is weighing a military operation to extract nearly 1,000 pounds of uranium from Iran—a “complex and risky” mission that would likely put U.S. forces inside the country for days or longer, according to U.S. officials cited by The Wall Street Journal.
Though Trump hasn’t made a final decision, he remains open to the idea, the officials said, viewing it as a potential path to preventing Iran from ever developing a nuclear weapon.
Bitcoin is up nearly 2% since the war between the U.S. and Iran began on February 28. The S&P 500 and gold are down nearly 5.6% and 14%, respectively. Oil, on the other hand, has spiked nearly 40%.
Though the leading crypto’s drop appears to stem from a month-end rebalancing and inflation concerns from rising U.S. yields and a strong greenback, the weekend drop coincided with escalating geopolitical tensions. Bitcoin is likely to remain rangebound between $67,000 and $72,000 as the first quarter comes to a close, experts previously told Decrypt, despite its weekend stint.
However, a bearish case scenario outlined by on-chain analyst Willy Woo suggests Bitcoin could bottom between $46,000 and $54,000.
“Old school on-chain models suggest a Bitcoin bottom between $46k-$54k. Also hints at how much time we have to wait,” on-chain analyst Willy Woo tweeted Sunday, citing capital leaving the Bitcoin network.
