Bitcoin dropped below $69,000 on Tuesday, erasing its brief move above $70,000 as escalating Iran tensions drove a broader risk-off shift across global markets.
The decline followed US pressure on Iran ahead of a strike deadline, with Tehran rejecting ceasefire terms and oil prices surging above $113 per barrel.
“Monday’s short-squeeze rally was always structurally weak — and the market proved it fast.”
The sell-off was driven by macro factors rather than crypto-specific fundamentals, with investors rotating into traditional safe havens such as gold, which climbed to $4,654 an ounce.
Bitcoin has repeatedly failed to hold above the $70,000 level since late February, with each rally meeting profit-taking and thin liquidity.
Altcoins including BNB and XRP also declined modestly, while the broader crypto market cap held near $2.44 trillion despite the pullback.
The Strait of Hormuz remains a key risk factor, with any disruption likely to intensify pressure on global markets and keep crypto closely tied to broader risk sentiment.
At the time of reporting, Bitcoin price was $68,412.05.