Bitcoin Price Drops Amid US-Iran Conflict, Analysts Expect Further Downside Pressure

The recent surge in tensions between the US and Iran has sent shockwaves through the global economy, including the cryptocurrency market. Bitcoin's price dropped below $64K on February 28, 2026, as investors sought safe-haven assets amidst the uncertainty.

According to analysts, the current trend structure favors continuation of the corrective phase unless Bitcoin can convincingly reclaim above $70,000. The daily chart shows a clear macro picture, with price action forming lower highs beneath the $70,000 region and major resistance sitting at $69,500 to $70,000.

The four-hour and one-hour charts also show signs of downside momentum, with expanding volume on red candles and a pattern of lower highs persisting. Oscillators are mixed but lean cautious, with the relative strength index (RSI) printing 35, indicating near-oversold conditions.