Bitcoin fell sharply over the weekend, briefly touching $65,112 before partially recovering to around $67,500, according to price aggregator CoinGecko. The decline pulled the broader crypto market lower, triggering more than $400 million in liquidated positions, per data from CoinGlass. The drop coincided with reports that U.S. President Donald Trump is weighing a military operation inside Iran. Just days earlier, Trump stated he is “not desperate” to end the ongoing conflict with the country.
According to U.S. officials cited by The Wall Street Journal, Trump is considering a mission to extract nearly 1,000 pounds of uranium from Iran. The operation has been described as “complex and risky” and could require U.S. forces to remain inside the country for several days or longer. While no final decision has been made, Trump is reportedly open to the idea as a means of preventing Iran from developing a nuclear weapon.
The weekend selloff appears to have dented investor confidence. Users on prediction market Myriad, owned by Decrypt’s parent company Dastan, now assign a 41% probability that Bitcoin’s next move will push it to $84,000. That figure has fallen sharply from nearly 65% on March 17, reflecting a more cautious outlook among market participants.
Analysts suggest the drop may not be solely geopolitical in nature. Rising U.S. yields, a stronger dollar, and month-end portfolio rebalancing are also cited as contributing factors. Experts previously told Decrypt that Bitcoin is likely to remain rangebound between $67,000 and $72,000 as the first quarter draws to a close, despite the weekend turbulence.
On-chain analyst Willy Woo has outlined a more bearish scenario, warning that 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,” Woo wrote on Sunday, pointing to capital leaving the Bitcoin network as a key signal.
Despite the recent volatility, Bitcoin has held up comparatively well since the U.S.-Iran conflict began on February 28, gaining nearly 2% over that period. By contrast, the S&P 500 is down approximately 5.6% and gold has declined around 14% over the same timeframe. Oil has moved in the opposite direction, surging nearly 40% amid the ongoing tensions.
Originally reported by Decrypt.
