Bitcoin’s price tumbled sharply on Friday, falling beneath the $103,000 threshold and sparking a widespread selloff across the cryptocurrency market. The downturn was triggered by escalating geopolitical tensions following Israeli airstrikes on Iran, which rattled global investors and pushed risk assets into retreat.
The world’s largest cryptocurrency dropped as low as $102,664, erasing gains made earlier in the week and marking its third consecutive day in the red. This sharp decline led to significant liquidations, with over $300 million in long positions wiped out as traders rushed to exit the market. Ethereum and other major altcoins also suffered steep losses, with some tokens experiencing double-digit percentage drops.
The broader crypto market lost approximately $140 billion in value amid the turmoil, reflecting heightened investor anxiety over the potential for further conflict in the Middle East and its impact on financial markets. Technical indicators show Bitcoin is now testing key support levels, with the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) both signaling bearish momentum and the possibility of additional downside.
Despite the steep selloff, some analysts point to strong underlying fundamentals and ongoing institutional interest in digital assets, suggesting the market could stabilize if geopolitical risks subside. For now, traders are closely watching the $102,000 support zone, with further declines potentially opening the door to a test of the psychologically significant $100,000 mark.
