Bitcoin experienced its worst single-day performance since June, plummeting 3.3% to $103,556 as Israeli airstrikes on Iran triggered a massive crypto liquidation cascade that destroyed over $1.16 billion in leveraged positions within 24 hours. The selloff began in the early hours before Israeli forces launched Operation Rising Lion , targeting what Prime Minister Benjamin Netanyahu described as the “heart” of Iran’s nuclear program, including strikes on the Natanz enrichment facility and military infrastructure near Tehran and Tabriz. This unexpected geopolitical war affected global financial markets, with Bitcoin dropping from a 24-hour high of $108,500 as investors fled risk assets amid escalating Middle East tensions. Source: Cryptonews The liquidation data reveals the severity of the market panic, with long positions bearing the brunt of the damage at $1.16 billion compared to just $113.97 million in short liquidations. Source: Coinglass The cascading effect intensified throughout the day, starting with $20 million in liquidations within the first hour and exploding to nearly $1 billion over 12 hours as algorithmic trading systems and leveraged positions were quickly wiped out. Geopolitical Catalyst Exposes Crypto Market Leverage The Israeli strikes, which began around 3:30 AM local time in Tehran, revealed the cryptocurrency market’s dangerous overleverage as what started as a geopolitical war quickly morphed into a technical breakdown. Netanyahu’s announcement that the operation would continue “for as many days as it takes to remove the threat” created sustained uncertainty that prevented any meaningful recovery attempts throughout the trading session. However, if the war escalates, the cryptocurrency as we know it has always served as digital gold during global uncertainty. The speed and magnitude of the decline, amplified by algorithmic trading systems treating crypto as a risk-off asset, quickly shifted sentiment in an already overleveraged market. Iran’s immediate counterattack, launching approximately 100 drones toward Israel while declaring a state of emergency, further amplified market fears and sustained the selling pressure across all major cryptocurrencies. For Instance, ETH is down over 8% from a week high of $2,700 to $2,500. Similarly, XRP has been down 6%, SOL 9%, and Dogecoin 9%, all in the past 24 hours. This indicates that the selloff was indiscriminate across the entire market rather than concentrated in Bitcoin alone. Technical Analysis Reveals Bitcoin Might Dip Further The price action across multiple timeframes revealed that the geopolitical development triggered technical breakdowns that had been building for weeks, suggesting the market was vulnerable to external catalysts. The hourly chart showed Bitcoin breaking decisively below critical support at $106,500, with three distinct rejection points in the supply zone between $109,500 and $110,500 indicating heavy institutional selling pressure. The bearish breakout pushed Bitcoin below the psychological $105,000 level, with the next major demand zone sitting around the round-number $100,000 target. The four-hour analysis also exposed a descending channel pattern constraining Bitcoin since its peak above $112,000. The recent break below the channel’s lower support line signaled an acceleration of the bearish trend. The volume profile showed increased selling activity coinciding with the geopolitical news flow, while the resistance level around $112,000 now appears formidable for any recovery attempts. The technical structure suggests that rallies will likely be met with renewed selling pressure, with the channel breakdown targeting the $100,000-$102,000 demand zone. Most concerning was the Ichimoku rising wedge breakdown on the four-hour timeframe, which revealed Bitcoin trading below the cloud and indicated a shift from bullish to bearish momentum. Rising wedges represent diminishing buying pressure despite higher prices, and the breakdown typically leads to sharp declines with measured move targets around $96,000. This technical objective aligns with previous significant support levels and would represent approximately a 10% decline from current levels, suggesting further downside pressure if geopolitical tensions remain elevated or additional macro factors emerge to pressure risk assets. The post Over $1B Liquidated in 24 Hours as Bitcoin Crashes 3.3%, Worst Day in June 2025 – What’s Happening? appeared first on Cryptonews .
