Bitcoin traders are watching $60,000 after a series of withdrawals that rocked markets, with U.S.-listed funds tied to the coin losing $519 million in one day. The cryptocurrency fell 4.5% on Wednesday to an intraday low of $65,700 before recovering to around $67,100.
US Spot Bitcoin Fund Stress
This decline added to a weak rally that began earlier this week when Bitcoin fell below $73,000. The move comes after fresh US strikes on Iranian targets shattered brief calm following ceasefire talks.
The leak did not happen overnight. Withdrawals from spot Bitcoin funds reached $1.44 billion during the week, the largest weekly total in 2026 and extended the streak of daily losses to 12.
Reports of a missile attack on the U.S. Fifth Fleet headquarters in Bahrain added further excitement to already tense markets. Cryptocurrency prices were already reacting to the conflict’s broader impact on oil, inflation concerns and prospects of interest rate cuts.
War headlines make traders nervous
Bitcoin’s decline is part of a larger easing of tensions that has been building for months. The coin is currently down about 47% from its October 2025 high of $126,000, with each new fight sparking another wave of selling.
When leverage was involved, the damage became more severe. Nearly $1 billion worth of borrowed cryptocurrency bets were liquidated in 24 hours during a single strike weekend, with long positions accounting for 93% of these losses.
Oil helped maintain pressure. Brent crude surpassed $106 a barrel in mid-April 2026, raising concerns about inflation and dimming hopes of the Federal Reserve easing policy.
The conflict also spread to diplomacy. Iran suspended ceasefire talks with the United States after Israel’s airstrikes on Lebanon, and U.S. President Donald Trump said talks were continuing despite Iranian state media giving a different explanation.
The chart shows $60,000 again.
Technical analysts are now focusing on the next line of defense. One analyst said Bitcoin has already lost the $72,000 and $68,000 levels and the rounding pattern is pointing to further declines.
Closing below $65,000 could result in $60,000 exposure. This level has become the level most often referred to by traders as the market tries to determine whether the recent decline is temporary or the start of a deeper decline.
Featured image from Pexels, chart from TradingView
editing process for focuses on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each page is diligently reviewed by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of the content for readers.
