Bitcoin prices experienced a sharp decline on Saturday morning following US and Israeli military strikes on Iran. However, the digital asset quickly rebounded, reaching a high of above $67,000 by 3:45 p.m. Eastern time.
The sudden drop in price was attributed to concerns over a broader Middle East conflict, which led to a risk-off mood in the market and significant crypto liquidations. According to reports, nearly $250 million in bitcoin derivatives positions were liquidated, including around $124.88 million in long bets.
Despite the uncertainty surrounding the exact catalyst for the recovery, many experts suggest that restrained escalation of the conflict and stable global liquidity conditions may have contributed to the rebound.