Bitcoin retreated sharply after failing to hold gains above the $64,000 level, slipping to just below $61,000 within hours as escalating geopolitical tensions in the Middle East weighed heavily on investor sentiment.
The latest decline came after reports that Iran had reportedly brought down a U.S. helicopter, followed by comments from the U.S. President indicating that Washington may respond. The developments triggered renewed caution across financial markets, with cryptocurrencies among the assets hit by the risk-off mood.
Recovery Attempt Loses Momentum
Bitcoin had been attempting to recover from one of its steepest selloffs in recent months. The cryptocurrency started the previous week trading near $73,000 before suffering a rapid decline that saw it break below key support levels at $70,000, $65,000, and $62,000.
Selling pressure intensified on Friday, pushing Bitcoin below $60,000 for the first time since February and briefly sending it to a 19-month low near $59,100.
Although buyers stepped in over the weekend, helping BTC reclaim the $60,000 mark and later climb above $62,000, the asset failed twice to maintain momentum near $64,000. The rejection sparked another wave of selling, erasing much of the recent recovery.
Bitcoin’s market capitalization fell to approximately $1.225 trillion, while its share of the overall cryptocurrency market declined to 56%, indicating that weakness is spreading beyond the leading digital asset.
Altcoins Under Pressure
Major altcoins also recorded significant losses. Ethereum dropped more than 3% toward $1,600, while BNB slipped to $585. Dogecoin fell to $0.084, XRP lost more than 5%, and Solana traded below $65. Cardano continued its downward trend, approaching $0.16.
Among the biggest decliners, HYPE and ZEC posted double-digit losses, while SIREN plunged 37%, LAB fell 16%, and DEXE dropped 15%.
A few tokens bucked the trend, with BEAT rising 28%, WBT gaining 13%, and STABLE adding 12%.
Market Value Drops by $60 Billion
The broader cryptocurrency market lost more than $60 billion in value over the past 24 hours, bringing total market capitalization below $2.2 trillion.
Market analysts say Bitcoin’s inability to regain and hold the $64,000 level remains a key concern. With geopolitical uncertainty continuing to influence investor behavior, traders are closely watching whether BTC can stabilize above $61,000 or face renewed downside pressure in the days ahead.
