 ▲ Bitcoin (BTC) / ChatGPT-generated image |
As military tensions in the Middle East escalate to extreme levels, investors are focusing on whether Bitcoin (BTC) can recover the $66,700 support level and establish a foundation for a rebound.
On March 2 (local time), cryptocurrency media outlet The Crypto Basic closely analyzed Bitcoin’s future price movement as the digital asset market fluctuated following news of U.S. and Israeli airstrikes on Iran. Bitcoin fell to around $64,000 immediately after the reports but is currently fluctuating near $66,000 as it attempts to stabilize. Market experts predict that whether Bitcoin closes above $66,700 will be the key factor determining the overall market trend this week.
From a technical analysis perspective, $66,700 serves as both a psychological and technical resistance level that could halt the short-term downtrend and trigger a bullish reversal. If Bitcoin fails to firmly reclaim this range, selling pressure could intensify again, potentially testing $63,000 or even the final support level at $60,000. Key indicators, including the Relative Strength Index (RSI), suggest that the market is gradually emerging from oversold conditions, but unresolved geopolitical risks in the Middle East continue to limit any rebound.
President Donald Trump’s indication of additional military operations against Iran and his continued hardline foreign policy stance are also contributing to uncertainty in the crypto market. While gold prices, a traditional safe-haven asset, have surged, Bitcoin reacted sensitively to the initial shock, underscoring its nature as a risk asset. Analysts warned that if geopolitical risks escalate into full-scale war, Bitcoin’s volatility could spiral out of control, adding that the ability to defend the $66,700 level will serve as a strong buy or sell signal for investors.
The cryptocurrency market is currently extremely subdued amid fears that tensions in the Middle East could reignite at any moment. Institutional investors are adjusting the pace of capital inflows through spot Bitcoin ETFs while monitoring the situation, and retail investors are alternating between panic selling and buying the dip in response to price swings. Whether Bitcoin can defend the critical $66,700 level and make another push toward the $70,000 mark, or succumb to further declines amid geopolitical turmoil, is likely to be determined within the next 24 hours.
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