Bitcoin Climbs to $69,000 Amid Heavy Weekend Liquidations
Bitcoin recovered its weekend losses thanks to heightened volatility, which wiped out approximately 157,000 leveraged traders.
Quick overview
- Bitcoin is rebounding to $69,155.64 after a drop to $64,000 due to geopolitical tensions from the US and Israel's attack on Iran.
- The cryptocurrency market is experiencing a general upward trend, with Ethereum and several altcoins also showing gains.
- Heightened market volatility led to significant liquidations of leveraged traders, contributing to Bitcoin's recovery.
- The psychological resistance level for Bitcoin is currently at $70,000, with potential for further gains if broken.
The leading cryptocurrency remains focused on the future of the Middle East conflict, while taking advantage of heightened market volatility.
Bitcoin is rebounding after the joint attack carried out by the United States and Israel against Iran’s regime. The world’s largest cryptocurrency is up 3.3% at $69,155.64, after plunging to $64,000 over the weekend.
The rest of the market is moving in a similar direction. Ethereum (ETH) is up 2.3% to $2,048.12, while altcoins are following the trend: BNB gains 2.9%, Ripple (XRP) rises 1.5%, and Solana (SOL) rebounds by 3.5%.
Bitcoin uses liquidations to recover from the Iran attack
Bitcoin recovered its weekend losses thanks to heightened volatility, which wiped out approximately 157,000 leveraged traders, triggering around $657 million in liquidations across both long and short positions.
The price of the leading cryptocurrency had plunged following the coordinated attack by the US and Israel on Iran, which reportedly eliminated Supreme Leader Ayatollah Ali Khamenei. In this context, Bitcoin behaved as a risk asset, with uncertainty amplifying market caution.
In February, Bitcoin posted monthly losses of 25.73%, driven by growing geopolitical uncertainty, further intensified by Donald Trump’s tariff policies in the United States. At the same time, markets remain cautious about the potential economic impact of artificial intelligence (AI).
Although there are some early signs of recovery — such as a modest increase in futures open interest (OI), which rose from $43.44 billion to $44.76 billion — the move remains limited and insufficient to signal a sustained return of risk appetite. In this context, the psychological level of $70,000 remains the main short-term resistance, while a breakout could open the door to a test of the February 8 high at $72,271.
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