Bitcoin Price Falls to $63K & Crypto Market Bleeds Amid Iran-Israel War

Key Insights:

• Analysts warn that Bitcoin price is testing a critical support zone for the third time in February, and could lead to another 30% drop.
• Total crypto market liquidations surpassed $500 million, with the majority coming from long positions.
• Ethereum dropped 9% and is hovering near key support at $1,800, with analysts cautioning that a decisive break below this level.

On Saturday, Feb 28, Iran launched a “pre-emptive strike” on Israel. This caused the Bitcoin price to crash another 4% over the past few hours.

This spillover effect has been across the crypto market, with ETH leading the altcoin crash with 9% fall. Total crypto market liquidations have soared to $500 million, with $473 million in long liquidations.

Bitcoin Price Crash of Another 30% Possible?

Following the Iran-Israel war news, Bitcoin has once again come under strong selling pressure. Bitcoin price tanked to the lows of $63,000 earlier today.

This is the third time in Feb. 2026 that Bitcoin is touching this base zone. Market experts believe that this could be a make-or-break zone for BTC.

Crypto analyst Crypto Patel has warned of a potential bearish technical setup forming on Bitcoin’s price chart. According to Patel, Bitcoin is currently trading within a bearish flag pattern.

He noted that a decisive break below the $63,000 level could trigger a sharp decline toward $45,000. This could further represent a sharp drop of over 30% from the current levels.

Bitcoin price crash | Source: Crypto Patel, X

Patel urged traders to closely monitor the chart structure. He said that a breakdown below support could accelerate selling pressure in the near term.

It will be interesting to see to what magnitude does the war between Iran and Israel escalates. US President Donald Trump also said that they have joined Israel for major “combat operations” against Iran.

Crypto Market Selloff Intensifies

Following the geopolitical development, the selloff across the broader crypto market has intensified. It has triggered a broader risk-off reaction across digital assets.

Bitcoin fell toward the $63,000 level. At the same time, Ethereum dropped to approximately $1,840 as selling pressure intensified. The move pushed market sentiment deeper into “extreme fear” territory. It clearly reflects heightened uncertainty among traders.

Other top altcoins like BNB, Solana (SOL), XRP, and Dogecoin (DOGE) have also corrected 9-10%. As per the data from Coinglass, 154,313 traders were liquidated over the past 24 hours. As a result, the total liquidations have crossed approximately $522.52 million.

As of now, the Ethereum price is trading 8% down at $1,854 levels. Crypto analyst Crypto Patel has warned that Ethereum could face further downside.

He identified the $1,800 level as critical channel support. He also noted that a breakdown below this zone, particularly under a bearish flag setup. Thus, the ETH price correction could further extend to $1,300.

Ethereum price correction | Source: Crypto Patel, X

Patel highlighted bearish order block resistance in the $3,400–$3,550 range. He also pointed out a fair value gap between $3,200 and $3,400. He added that with no signs of reversal, the downside momentum remains intact.

The analyst added that liquidity below $1,750 could be a near-term target before any potential reversal. However, he described the $1,300 region as a potentially attractive long-term accumulation zone.

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