Bitcoin’s price has been hit by volatility in recent weeks, with the digital asset 
dropping below its critical support level of $60,000 and experiencing a loss of 
approximately 5%. Many analysts have attributed this volatile movement to the 
escalating tensions in the Middle East. Furthermore, the price of Bitcoin briefly 
fell to $59,698 before seeing a slight surge, but the fluctuations have already led 
to the liquidation of long positions worth $243 million. Geopolitical factors, such 
as the upcoming Bitcoin halving event and the drop in the Fear and Greed index, have 
also added to the uncertainty in the market. Additionally, explosions at the Isfahan 
airport in central Iran have further raised concerns, as previous attacks on Israel 
have led to significant drops in the price of Bitcoin. This article explores the 
impact of these factors on Bitcoin’s volatile movement and analyzes the recent price 
decline in Bitcoin and Ethereum.

Bitcoin’s Volatile Movement

Bitcoin, the leading cryptocurrency, has recently experienced a period of intense 
volatility. The price of Bitcoin dipped under the critical support level of $60,000, 
resulting in a loss of about 5%. This significant drop in price has been attributed 
to the escalating tensions in the Middle East, which are causing uncertainty and 
fear among investors in the cryptocurrency market.

Bitcoin Experiences a Massive Drop

During this period of volatility, Bitcoin briefly fell to $59,698 before experiencing
a slight surge that pushed it back above $61,000. However, this momentary recovery 
does not negate the significant drop in price that Bitcoin has experienced. In fact, 
long positions worth $243 million will be liquidated if the price of Bitcoin reaches 
$59,000, according to analytics firm CoinGlass. Over the past 30 hours, more than $34
million in long positions on Bitcoin have been wiped off, highlighting the magnitude 
of the recent price drop.

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