Bitcoin Dips Toward $100K Amid Israel-Iran Conflict, Long Positions Wiped Out

Bitcoin rally toward a new all-time high was abruptly derailed late Thursday after reports of Israeli airstrikes on Tehran sparked broad market panic. The largest cryptocurrency plunged 2.8% within 90 minutes—from $106,042 to a low of $103,053. According to CoinMarketCap, Bitcoin has recovered to $104,900 at the time of writing, down by around 2.5% in the past day. The sudden drop has brought Bitcoin close to the psychological level of $100,000 , triggering mass liquidations. The airstrikes, which hit the Iranian capital at 22:50 UTC, were confirmed shortly after by Israeli officials. Prime Minister Benjamin Netanyahu stated that the operation was aimed at neutralizing Iran’s nuclear threat, and that further strikes could follow. Iran’s response has been swift, with state media reporting the launch of over 100 drones in retaliation. As tensions escalate, risk assets are under pressure, and Bitcoin—despite being touted as a hedge—has reacted sharply in the red. Bitcoin Bullish Sentiment Collides with Geopolitical Reality The timing of the drop was particularly brutal for traders who had positioned themselves for a breakout above Bitcoin’s previous all-time high of $111,940. On Tuesday, just days before the conflict flared, BTC had rallied to $110,265, stoking bullish sentiment . According to data from CoinGlass, more than $427 million in long positions were liquidated over the past 24 hours as the price plunged, leaving many traders nursing heavy losses. However, not all are pessimistic. Bitcoin advocate Anthony Pompliano pointed out that similar market reactions were seen last October when Iran launched hundreds of rockets toward Israel. Back then, BTC initially dropped 3%, only to outperform traditional safe-haven assets like gold and oil within 48 hours. “The initial reaction is always fear,” Pompliano said, “but Bitcoin has a way of bouncing back stronger.” Buy-the-Dip Mentality Returns Meanwhile, both gold and oil have climbed 1.44% and 11% respectively, highlighting a broader flight to safety. Yet some believe BTC’s time to shine could still come. Among those urging calm is Samson Mow of Jan3, who posted a message to GameStop CEO Ryan Cohen encouraging strategic buying. Mow stated, “This is where you buy it when it feels scary. If it dips lower and you feel even more nervous, buy even more.” GameStop recently allocated part of its $1.5 billion raise to purchase 4,710 BTC, worth $513 million at the time. The post Bitcoin Dips Toward $100K Amid Israel-Iran Conflict, Long Positions Wiped Out appeared first on TheCoinrise.com .

Source: The Coin Rise