Hassan Maishera
TL;DR
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The leading cryptocurrency by market cap briefly dropped to the $65k level on Sunday, wiping out $190 million worth of leveraged positions within minutes.
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The bearish performance comes as the US-Iran deadlock continues.
Bitcoin Recovers Above $67k Following Sunday’s Dip
The cryptocurrency market closed last week’s candle bearish as Bitcoin dropped to the $65,000 level on Sunday. The dip resulted in altcoins also suffering huge losses, with over $190 million worth of leveraged positions wiped out from the market within 15 minutes.
JUST IN: Bitcoin falls under $65,000
— Watcher.Guru (@WatcherGuru) March 29, 2026
$190,000,000 liquidated from the crypto market in the past 15 minutes. pic.twitter.com/rPCRasGaI6
The leading cryptocurrency by market cap has now slightly recovered and trades at $67,346 per coin. The bearish performance comes amid the deadlock in talks between the United States and Iran.
While speaking to The Block, Rachael Lucas, crypto analyst at BTC Markets, stated that,
"What we saw this week was a classic risk-off unwind. Bitcoin touched $72k mid-week on hopes of a diplomatic breakthrough in the Middle East, then gave it all back as those hopes faded and oil supply concerns resurfaced."
The analyst pointed out that the ongoing crisis surrounding the Strait of Hormuz is worsening inflation fears, which keeps the Federal Reserve from cutting interest rates. This condition weighs down on crypto prices.
The Middle East conflict continues with Iran launching strikes on nearby Gulf states such as Kuwait and Saudi Arabia, while peace talks remain in a deadlock.
Jeff Mei, COO at BTSE, predicts that oil prices will remain up and drag on economic growth in the near future. Because of this, we believe that crypto prices have more room to fall, with Bitcoin potentially falling to the $60k support level.
According to Lucas, retail sentiment in the market remains fearful, while institutions are increasing their exposure to spot crypto ETFs.
"When retail fear and institutional accumulation diverge sharply, history suggests the institutions tend to be right. That doesn't mean the price goes up tomorrow, but it does mean the structural bid is there, and that matters for where we go in Q2," the analyst added.
With the war dragging on, Bitcoin and the broader cryptocurrency market will continue to trade within a range over the coming days and weeks, with a breakout unlikely at this moment.
