Cryptocurrencies erased nearly $70 billion in market value following the attacks, with the $BTC price sliding toward $63,000. Meanwhile, gold-backed tokens gained more than 3% as traders sought safety. The difference increased the gold vs. Bitcoin contrast within hours.
As Coingape reported, Bitcoin’s panic selling increased as U.S.–Iran tensions rose. Derivatives markets absorbed $1.8 billion in aggressive sell volume within one hour. That surge in selling pressure deepened concerns of a broader Bitcoin crash.
The $BTC price has recently been forming lower highs and lower lows on short-term time frames, as per TradingView data. A breakdown in early February pushed Bitcoin toward a capitulation zone near $60,000.
However, recovery attempts remain weak below the $70,000 resistance range. Immediate support now is between $63,000 and $60,000. $BTC price must reclaim $68,000 to $70,000 to shift near-term momentum.
