- Bitcoin dropped below $102,000 following news of direct U.S. strikes on Iran.
- Past geopolitical events have sometimes caused sharp, temporary drops in Bitcoin before rebounds.
- Traders identified potential price support near $97,000 as the next significant level.
- Some analysts see a 20%–25% chance Bitcoin could test the low $90,000 zone.
- Order book data suggests major buying interest may stabilize Bitcoin near $97,000.
Bitcoin saw a sharp decline on June 22 as reports emerged of direct U.S. military action targeting Iranian nuclear facilities. This price move came shortly before the weekly market close, with Bitcoin falling beneath $102,000. The downturn coincided with heightened geopolitical tensions, which weighed on sentiment across the cryptocurrency market.
Data from Cointelegraph Markets Pro and TradingView confirmed the dip, noting it occurred after public confirmation of the U.S. strikes by President Donald Trump. In a televised statement, Trump stated that Iran “must now make peace” or risk further military action.
As the Wall Street trading week approached, traders began looking for potential bottom levels for Bitcoin’s price. Popular trader Cas Abbe suggested that a “dump towards $93,000–$94,000 before bottom formation and reversal” was possible, but gave only a 20%–25% probability for such a low to be reached. This view highlights uncertainty about how low prices could fall before stabilizing.
Several traders referenced previous geopolitical events in their analyses. According to posts cited in the source article, Bitcoin experienced sharp drops followed by significant recoveries after similar conflicts in 2024. For instance, after attacks involving Iran and Israel in April and October, Bitcoin dropped 10%–18% before rising 28%–62% in the following weeks. Another trader, Merlijn, noted that during the Ukraine conflict in 2022, Bitcoin gained 42% over 35 days, even while the broader market was weak.
Despite these historical patterns, Bitcoin remained weak leading into the weekly close. Analyst Crypto Tony observed, “I remain long over $93,500, but remember I really want to see the $104,500 hold for the bulls to remain in control.” Data from CoinGlass indicated that $97,000 was a key level for possible support, as order book data showed strong liquidity—the amount of buy and sell orders at that price.
Bitcoin was set for its lowest weekly close since early May. Analysts continued to monitor potential support levels, emphasizing the importance of order book activity in helping Bitcoin find stability after sharp declines.
This article does not provide investment advice. All financial decisions carry risk, and readers should conduct their own research before trading.
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