The drop extends a pattern where bitcoin sells off on geopolitical shocks before recovering, as the token’s 24/7 liquidity makes it one of the few large assets traders can exit over the weekend.
Updated Feb 28, 2026, 3: 05 p.m. Published Feb 28, 2026, 6: 56 a.m.
Bitcoin briefly reclaimed $65,000 before pulling back to $64,700 as the Iran conflict continued to escalate through Saturday.
Iranian state media reported at least 70 killed in its Hormozgan province, per Aljazeera, including a strike on an elementary school. Israel activated air raid alerts after detecting fresh missile launches from Iran.
Trump told the Washington Post that “all I want is freedom for the people.” NATO said it was “closely following” developments, China urged an immediate ceasefire, and Turkey offered to mediate.
Bitcoin’s inability to hold $65,000 on the bounce suggests sellers remain in control, but the relative stability given the severity of the headlines points to thin weekend order books rather than active selling pressure.
Headline risks persist for BTC traders as the U.S. day progresses.
What happened earlier
Earlier in the day, BTC neared $63,000 in Saturday trading after the U.S. and Israel launched military strikes on Iran, pushing the largest cryptocurrency down roughly 3% in a matter of hours and extending what had already been a difficult weekend for risk assets.
The move brought bitcoin to its lowest level since the Feb. 5 crash, when the token briefly dipped below $60,000.
Israeli Defense Minister Israel Katz declared an immediate state of emergency across all areas of Israel. A U.S. official conf