- Bitcoin prices rebounded sharply to $68,200 following U.S.-Israeli airstrikes in Iran and the reported death of the Iranian Supreme Leader.
- The recovery erased a weekend dip to $63,000, though the cryptocurrency remains range-bound over a three-week period.
- Market analyst Ash Crypto suggested the price pump reflects market optimism about a potential de-escalation in the conflict.
- Despite the recent bounce, Bitcoin closed its third-worst February in history with a nearly 15% loss.
Bitcoin staged a dramatic recovery early Sunday, surging to $68,200 on Coinbase after geopolitical tensions flared with U.S.-Israeli airstrikes on Iran. This rally, according to TradingView, recouped all losses from a Saturday dip to $63,000, adding $5,000 in under 24 hours.
Consequently, BTC is trading near Friday’s levels of approximately $67,350 at publication time. However, the asset remains confined within its established three-week trading channel despite the volatility.
Meanwhile, the violent market moves triggered significant liquidations across leveraged positions. Data from CoinGlass shows around 157,000 traders were liquidated, with total liquidations hitting $657 million evenly between longs and shorts.
The price surge followed reports, cited by the BBC, that Iran’s Supreme Leader Ayatollah Khamenei was killed in the strikes. U.S. President Donald Trump described the cleric as “one of the most evil people in history” on his Truth Social platform.
Market analyst Ash Crypto commented that the pump occurred because “people are taking it as the end of the US-Iran war.” He added that if the conflict shows signs of resolution, Bitcoin could maintain its gains.
However, this rebound comes after a historically poor month for the flagship cryptocurrency. Bitcoin has just closed its third-worst February ever, shedding just under 15% according to CoinGlass data.
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