Bitcoin experienced a 5% surge on Sunday evening, June 7, following President Trump's diplomatic intervention regarding Iran. According to BeInCrypto, the cryptocurrency spiked from $62,000 to $61,200 before reversing higher as markets responded to Trump's comments about Iran negotiations. In an interview on Sunday evening, Trump left no room for ambiguity, telling the FT 'I call the shots. I call all the shots. He doesn't call the shots,' referring to Israeli Prime Minister Benjamin Netanyahu. Trump confirmed he called Netanyahu directly to urge him not to retaliate, noting he was 'not happy' with Israel's strikes and that the attacks were 'not coordinated with the US.' The president added that the deal was 'almost complete' and expected to be announced at the start of the new business week. This marked a significant shift from previous peace optimism, with the market treating Trump's deal-making language as a near-term price catalyst that could move Bitcoin significantly further than diplomatic statements alone.
Bitcoin has plunged to the $66,000 level following fresh geopolitical turmoil in the Middle East, with Iran and Israel trading airstrikes that ended the recent fragile ceasefire. According to CoinDesk, the decline accelerated after Iran damaged infrastructure and disrupted flights, with US Central Command intercepting part of the attack as tensions with Washington rose following the collapse of recent peace discussions. WTI crude oil futures jumped over 3% to $93.50 as the military conflict rattled global markets, with US President Donald Trump calling for restraint and urging Israeli Prime Minister Benjamin Netanyahu to stand down. The latest developments show Israel struck sites in south Beirut linked to Hezbollah, the Iran-backed militant group active in Lebanon, killing two people and injuring at least 20. Iran's Islamic Revolutionary Guard Corps (IRGC) retaliated with what it called 'warning strikes,' saying Israel should stand down or face a broader wave.
The cryptocurrency has slumped toward $67,000 this week amid mounting pressure from exchange-traded fund outflows and weakening institutional demand. According to crypto.news, more than $1.6 billion in leveraged crypto positions were liquidated over 24 hours, with the latest candles showing strong downside pressure. Liquidations happen when exchanges force traders out of leveraged positions because their collateral no longer covers the trade, and in a falling market, this can push prices lower because forced selling adds to normal spot selling. The heavy outflows from U.S. bitcoin ETFs and investors' growing preference for high-yield Treasuries are pressuring the cryptocurrency, with about $1.5 billion of bullish bets wiped out in the last 24 hours, nearly half of them in the last four hours, according to CoinGlass. The leverage wipeout followed a broader shift in sentiment as risk assets came under pressure as the U.S. and Iran exchanged fresh strikes and ceasefire talks stalled. U.S.-listed spot bitcoin ETFs saw $1.72 billion in net outflows last week, marking the largest weekly redemption in over a year and far above the $318 million outflow when Bitcoin briefly penetrated the $60,000 mark.
Bitcoin experienced a sharp decline, hitting $67,289 - its lowest level since April - representing a significant break below key technical support zones. According to crypto.news, the cryptocurrency is trading near the $60,000 to $64,000 psychological zone, which matters because it sits close to previous demand and could decide whether BTC stabilizes or extends losses toward deeper support. After the drop, Bitcoin is around 47% below its all-time highs of $126,000 set during last year's rally. Market analyst Ali Martinez pointed to the loss of channel support, the loss of the 100-day simple moving average (SMA), and the move below the 0.5 Fibonacci retracement level around $71,300. Once all three levels were lost, the odds of downside acceleration rose sharply, with Martinez identifying $65,000 as the next likely move - representing an additional pullback of about 3.4% from current levels. However, Bitcoin has visited the $66K region several times this year, with each previous test attracting buyers and followed by rebounds toward $70,000 and beyond. Technical indicators remain weak with Bitcoin's RSI at 18.69, placing BTC deep in oversold territory, while MACD remains bearish with the line near -2,917.77.
Analysts are now watching $60,000, $55,000 and $50,000 as pressure builds across Bitcoin derivatives markets. According to crypto.news, Captain Faibik said Bitcoin was sitting above a major eight-year trendline, noting that "If Bulls defend this level and build a base, we could be witnessing the early stages of another mega bull run." However, he also warned that BTC could briefly sweep liquidity around $54,000 to $55,000 before any stronger recovery. Ali Charts said the breakdown below $72,000 placed Bitcoin in a vulnerable position, based on MVRV pricing bands, with the next major support area sitting between $54,000 and $50,000. CryptoQuant founder Ki Young Ju pointed to unusual sell pressure, arguing that Bitcoin investors' average cost basis sits around $53,000 and that the current distribution phase feels like a large change of hands. Binance volume data confirms selling pressure with Binance CVD Confirmation Score reaching about 0.80, its highest level in four months, as Bitcoin traded around the mid-$60,000 area during the decline. Volatility could remain high this week as geopolitical tensions, coupled with key data releases such as U.S. inflation and major IPOs like SpaceX and Anthropic, are likely to influence liquidity dynamics. The market will be closely watching whether Trump delivers on his Monday deadline for the Iran deal announcement.
