Key facts
- Bitcoin price fell to $61,322, its lowest point since February 6, 2026.
- The price drop completed a three-month round trip, erasing gains from the period following the late-February US-Israel strike on Iran.
- Over $500 million in leveraged long crypto positions were liquidated.
- Bitcoin experienced its highest total long liquidations this week since September 2021.
- Geopolitical events rarely have long-term impacts on Bitcoin unless they affect energy supply or global monetary policy.
Bitcoin has fully retraced to its pre-Iran conflict lows, dropping to $61,322 in early Singapore trading on June 4, its weakest level since February 6, 2026, before recovering to around $64,200 by early afternoon. This move erases the geopolitical premium that had lifted BTC toward the $74,000 region following the late-February US-Israel strike on Iran, completing a roughly three-month round trip. The broader market correction has also impacted Ethereum and high-beta altcoins, with over $500 million in leveraged long positions liquidated. This pattern of spikes on conflict headlines followed by a full retracement has occurred multiple times, with Bitcoin experiencing its highest weekly long liquidations since September 2021. Geopolitical events typically do not have lasting impacts on Bitcoin prices unless they affect energy supply or global monetary policy, with regional conflicts often leading to brief, narrative-driven movements that fade as macroeconomic conditions reassert themselves.