Bitcoin Slides to $66K as Iran War Rhetoric Fuels Oil Surge and Corporate Treasuries Crack

Quick overview

Due to a combination of geopolitical anxiety, bearish technical signs, and a recent wave of corporate Bitcoin liquidations, Bitcoin BTC/USD is hovering above $66,000 on Wednesday, down 2.7% over the previous day.

The selloff picked up speed during US President Donald Trump’s speech to the country, during which he promised to strike Iran “extremely hard over the next 2 to 3 weeks” and declared that the US military was “very close” to accomplishing its goals under “Operation Epic Fury.” While crude oil surged back above $100 per barrel to $103.59 during the speech alone, Bitcoin fell about 2% to $66,904. This is a noteworthy inversion that highlights how conflict risk is currently moving capital away from risk assets and into energy commodities.

Middle East Conflict Remains the Market’s Wildcard

Both stocks and cryptocurrency have been plagued by the US-Iran war, which intensified dramatically in February after joint US-Israeli strikes and Iran’s subsequent blockade of the Strait of Hormuz. Trump’s suggestion that the battle was coming to an end on Tuesday provided a temporary respite, but Wednesday’s speech rekindled doubts.

Discussions are still going on. Iran must abandon its nuclear program, allow commercial shipping, and stop supporting regional proxy organizations, according to US demands. Iran, on the other hand, wants a complete US military departure from the area, a permanent truce, and war reparations. Resolution is still difficult because both parties are so far apart on terms, and markets are pricing that in.

One longer-term bullish signal was provided by Trump, who said that after the fight is finished, the Strait of Hormuz will “open up naturally,” oil prices will drop, and stock markets will rise substantially. That situation might eventually increase risk appetite for Bitcoin bulls, but the road there is still dangerous.

Corporate Bitcoin Treasuries Are Cracking, Except One

Companies are selling their Bitcoin holdings, which is a noticeable trend that exacerbates the macro pressure. Genius Group, an AI-education company, revealed this week that it liquidated its entire 84 BTC treasury in Q1 2026 to pay off $8.5 million in debt. This is a dramatic departure from its November 2024 commitment to retain 90% or more of reserves in Bitcoin.

Genius Group is by no means an isolated entity. In March, MARA Holdings sold 15,133 BTC for over $1.1 billion. In February, Bitdeer, a mining company, reduced its corporate holdings to zero. GD Culture Group approved the sale of a portion of its 7,500 BTC reserve, and Cango Inc. sold 4,451 BTC. It’s difficult to ignore the trend.

The only mainstay is Michael Saylor’s Strategy, which has amassed 89,581 BTC so far this year, valued at almost $6.1 billion, most recently acquiring 1,031 BTC on March 23. In March, BitcoinMiningStock, an analytics site, reported: “Strip out Strategy, and the rest of the ecosystem’s buying pace has collapsed.”

BTC/USD Technical Analysis: Bears Firmly in Control Below $68,000

Bulls find little solace in the charts. BTC failed to break through the 61.8% Fibonacci retracement of the $71,985–$65,030 decline, a level close to $69,200 that proved to be a hard ceiling, after establishing a base above $66,500 and attempting a comeback. Since then, a rising channel with support at $67,200 has broken, and Bitcoin is now trading below the 100-hour simple moving average as well as that level.

Short-term seller domination is confirmed by the hourly MACD’s acceleration in bearish territory and the RSI’s decline below 50.

• Key resistance levels: $67,800, $68,500, $69,250, $70,000
• Key support levels: $66,000, $65,750, $65,500, $64,200

Bitcoin Price Prediction: $64,200 Tested If Bulls Can’t Reclaim $68,000

A retest of the $65,000–$65,500 support range appears possible if Bitcoin is unable to recover $68,000 in the near future. The final significant defense prior to a more significant decline would be $64,200 if it broke below $65,000. On the other hand, if Trump’s rhetoric swings toward real ceasefire progress, a definitive closing over $68,500 would rekindle bullish momentum toward $69,500 and possibly $70,000. The path of least resistance is still downhill for the time being.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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