Quick overview

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Bitcoin dropped to its lowest level in more than two weeks as traders reduced their holdings amid widespread macro risks stemming from the US-Iran war.

The original cryptocurrency fell as low as $76,711 on Monday, the lowest since May 1, before some losses were reduced

. Other tokens that declined were Solana and Ether. The price of Bitcoin fell after nearly $500 million in bullish bets across all cryptocurrencies were liquidated during early Asian trading on Monday, according to Coinglass data.

The token has been impacted in recent days by the uncertainty surrounding the US war with Iran, which has put pressure on riskier assets. Last week, more than $1 billion was removed from US-listed spot Bitcoin exchange-traded funds for the first time since late January.

The “clock is ticking” for Iran to reach an agreement, according to President Donald Trump. Liquidations of Bitcoin occurred when the cryptocurrency dropped below a crucial support level at about $77,800. Bullish positions worth about $550 million were unwound early this morning.

Structural support is still between $76,000 and $76,800, and a close above $80,000 “would be the first meaningful signal that selling pressure is exhausting.” According to Deribit data, bearish bets were concentrated at $77,500, with traders purchasing roughly $38 million in Bitcoin put options with May 18 expiration date, highlighting negative sentiment. According to Sean McNulty of Asia-P, the abrupt decline in Bitcoin prices “appears to have triggered a stop run in the absence of any macro headline