Key Highlights
- BTC tumbled to approximately $68,652 on Monday, declining 0.7% as escalating Iran conflict drove investors toward safer assets.
- President Trump issued Iran a 48-hour ultimatum regarding the Strait of Hormuz, threatening military action against energy targets.
- Year-to-date, Bitcoin remains down more than 20%, though it has gained roughly 6% over the past 30 days.
- Critical support level identified at $67,250, with potential further declines toward $65,000 or $63,500 if breached.
- U.S. spot Bitcoin ETFs attracted $95.18 million in net capital between March 16–20, extending a four-week streak of positive inflows.
Bitcoin retreated to $68,652 during Monday’s trading session, registering a 0.7% decline as mounting concerns surrounding the escalating U.S.-Israel confrontation with Iran prompted market participants to exit risk-oriented positions. The downturn continued weekend losses and pushed BTC significantly below its March peak above $72,000.
Bitcoin (BTC) PriceThe market rout was widespread. Equities, precious metals, and foreign exchange markets all experienced declines alongside digital assets as geopolitical anxiety intensified throughout the Middle East region.
President Donald Trump delivered a 48-hour deadline to Iran over the weekend, demanding immediate reopening of the Strait of Hormuz shipping lane or facing American military strikes targeting vital energy facilities. Iran countered with warnings of complete strait closure and retaliatory attacks on energy and water systems throughout Gulf states.
The standoff has now stretched into its fourth straight week with no indication of de-escalation.
Technical Outlook for Bitcoin
Bitcoin breached support levels at $71,200 and $70,000 during the session, reaching an intraday low of $67,343 before staging a modest rebound. Currently, BTC trades beneath its 100-hour simple moving average, with a descending trendline establishing resistance near $69,200.
For bulls to regain control, BTC must reclaim $69,200 and establish support above the $70,000 psychological level. Success would open pathways toward resistance zones at $71,650 and $72,800.
Should downward pressure persist, immediate support awaits at $67,250. Additional cushions exist at $66,500 and $65,000. Analysts view $63,500 as a critical support zone that must hold.
Bitcoin’s Performance Against Gold
Despite recent weakness, Bitcoin has outperformed gold on a monthly basis. BTC has appreciated approximately 6% over the past 30 days, whereas gold has retreated nearly 18% from its late-January all-time high, pressured by profit-taking activity.
Gold has notably failed to capture traditional safe-haven flows during the Iran crisis, partly due to investor concerns that prolonged conflict could accelerate global inflation and push interest rates higher.
On a year-to-date basis, however, Bitcoin trails with losses exceeding 20%, while gold trades near breakeven levels.
Alternative cryptocurrencies also posted losses Monday. Ether declined 2.2% to $2,061.77, XRP fell 1.9% to $1.3853, and Dogecoin slipped 1.3%.
According to Wu Blockchain, U.S. Bitcoin spot ETFs registered combined net inflows totaling $95.18 million during the March 16–20 period, representing the fourth consecutive week of capital additions to these investment vehicles.
The post Bitcoin (BTC) Price Slides to $68K Amid Escalating Middle East Tensions appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-btc-price-slides-to-68k-amid-escalating-middle-east-tensions/
