The 2-hour chart tells the story clearly. Bitcoin had been trading in the $65,500 to $66,000 range through the early hours of February 28th, continuing the gradual drift lower that had characterized the final days of the month. Then, shortly after 6:00 UTC, price broke sharply downward, dropping through $65,000 and accelerating toward $64,000.
The move was fast and volume-driven. The sell candles accompanying the drop are among the larger bars visible on the chart, consistent with forced liquidations cascading through leveraged long positions rather than organic selling pressure building gradually. The CoinMarketCap 20 Index fell 4.70% over the same 24-hour window, confirming the drawdown was broad across the altcoin market and not isolated to Bitcoin.
Reports of an Israeli strike on Iran introduced a category of risk that crypto markets, like most risk assets, respond to immediately and often disproportionately in the first minutes after news surfaces. Geopolitical escalation in the Middle East raises concerns across energy markets, broader equities, and sentiment-sensitive assets simultaneously.
Bitcoin’s correlation with risk assets during sharp macro shock events has been a consistent feature of its trading behavior. The asset tends to sell off alongside equities in the immediate aftermath of geopolitical news, regardless of longer-term narratives around its role as a safe-haven store of value.
At $64,379, Bitcoin is now trading near the lowest levels seen since the February 23rd flush, which previously found buyers in the $63,000 to $63,500 area. That zone represents the nearest structural support if current selling pressure continues into the March open.
The Clarity Act deadline falls tomorrow. Markets now enter that catalyst carrying fresh geopolitical uncertainty alongside legislative risk.
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