Bitcoin traders are watching $60,000 after US-listed funds tied to the coin shed $519 million in a single day, extending a run of withdrawals that has shaken the market. The cryptocurrency dipped 4.5% on Wednesday to an intraday low of $65,700 before recovering to around $67,100.
US Spot Bitcoin Funds Under Pressure
The slide added to a weak stretch that began when bitcoin fell below $73,000 earlier this week. That move came after new US attacks on Iranian targets knocked away a brief sense of calm that had followed talk of a ceasefire.
The outflows have not been a one-day blip. Withdrawals from spot bitcoin funds reached $1.44 billion over the week, the heaviest weekly total of 2026, and the streak of daily losses stretched to 12 sessions.
Reports of missile strikes on the US 5th Fleet headquarters in Bahrain brought more heat into an already tense market. Crypto prices had already been reacting to the conflict’s wider effect on oil, inflation fears, and the outlook for interest-rate cuts.
War Headlines Keep Traders On Edge
Bitcoin’s drop is part of a larger unwind that has been building for months. The coin is now roughly 47% below its October 2025 peak of $126,000, and each new burst of fighting has helped trigger another wave of selling.
The damage has been sharp when leverage gets involved. Nearly $1 billion in borrowed crypto bets were wiped out in a 24-hour span during one strike weekend, and long positions accounted for 93% of those losses.
Oil has helped keep the pressure on. Brent crude climbed above $106 a barrel in mid-April 2026, a jump that fed worries about inflation and dimmed hopes for easier policy from the Federal Reserve.
The conflict has also spilled into diplomacy. Iran suspended ceasefire talks with the US after Israeli strikes in Lebanon, while US President Donald Trump said the talks were still continuing, even as Iranian state media gave a different account.
Charts Put $60,000 Back In ViewTechnical analysts are now focused on the next line of defense. An analyst said bitcoin has already lost the $72,000 and $68,000 levels, while a rounding-top pattern is adding to the case for more downside.
A close below $65,000 could leave $60,000 exposed. That level has become the one traders mention most often as the market tries to decide whether the recent drop is a pause or the start of a deeper slide.
Featured image from Pexels, chart from TradingView
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