Bitcoin’s price fell below $66,500 on Friday, hitting its lowest level in more than two weeks, as a wave of prolonged liquidations and rising macroeconomic pressures weighed on the cryptocurrency market.
Data indicates that nearly $300 million worth of long positions were liquidated in the past 24 hours, according to Bitcoin Pro Magazine The data, compared to nearly $50 million in short liquidations, suggests an unwinding of crowded bullish positions in cryptocurrency futures. This imbalance reflects a market that was heavily buying and is now adjusting to changing sentiment.
The sell-off in Bitcoin prices coincided with a broader risk-off movement in global markets. Nasdaq 100 futures are down about 10% from their January highs, while oil prices have risen near $100 a barrel amid rising geopolitical tensions linked to the ongoing conflict involving Iran.
Earlier today, Israel She said she would escalate the strikes On Iran after renewed waves of Iranian missile attacks, while the two sides continue to exchange fire despite ongoing diplomatic efforts.
President Trump has Temporarily paused US strikes on Iranian energy infrastructure for another 10 days to allow negotiations, even as reports indicate the Pentagon is considering deploying up to 10,000 additional troops to the Middle East.
Meanwhile, the conflict is expanding regionally, with reports of shipping disruptions in the Strait of Hormuz, Gulf states on alert after strikes, and Iranian casualties said to be approaching 2,000 as international talks continue in Europe.
The rise in crude oil prices has led to renewed inflation fears and pressure on risk assets, including cryptocurrencies.
Bitcoin price dynamics
Bitcoin price briefly Come closer $71,500 this week due to optimism related to a possible diplomatic breakthrough in the Middle East. But those gains were reversed as uncertainty over negotiations resurfaced, pushing prices lower and reinforcing sensitive market conditions.
Despite the recent decline, the price of Bitcoin continues to trade within a specific range between $60,000 and $75,000 which has remained stable for several weeks, or even months. The asset remains well below its peak reached in October 2025 above $126,000 after a broader market correction.
Institutional flows present a mixed picture. Bitcoin exchange-traded funds listed in the United States registered Inflows continued earlier in March, totaling about $2.5 billion over five weeks. This momentum has slowed in recent sessions, with net outflows indicating a halt in accumulation as investors respond to macro uncertainty.
Meanwhile, on-chain data indicates that Bitcoin withdrawals from centralized exchanges have continued over the past month. This trend suggests that long-term holders are moving assets into self-custody, a pattern often associated with accumulation rather than distribution.
Despite this, Morgan Stanley is one step closer to launching a spot Bitcoin ETF, MSBT, after the New York Stock Exchange. Published notice of listing — signaling an imminent debut that could make it the first product of its kind from a major U.S. bank, along with offerings from BlackRock and Fidelity.
Options markets add another layer of complexity. Nearly $14 billion in Bitcoin price options She was appointed to expire, representing a large share of open interest.
Hedging activity associated with these contracts has contributed to calming volatility, with price action gravitating towards key strike levels near $75,000.
As these contracts kick in, the stabilizing effect of placing derivatives may fade, making Bitcoin more vulnerable to external triggers.
As geopolitical risks rise and macro conditions tighten, the market faces a period in which price movements may become more reactive and less constrained by structural flows.
