The top cryptocurrency tumbled below $99,000 over the weekend after U.S. forces struck three key nuclear sites in Iran on Saturday evening.

Bitcoin Bounces Back as Oil Drops After Iran Strike

One hundred and twenty-five U.S. aircraft, including seven B-2 stealth bombers, departed from Whiteman Air Base in Ohio on Saturday. Later that evening, the bombers dropped dozens of 30,000lb “bunker buster” missiles on two of Iran’s strategic nuclear sites, Fordo and Natanz. A third site Isfahan, was attacked by a U.S. submarine that launched more than two dozen Tomahawk missiles at the facility. Bitcoin ( BTC) fell off a cliff shortly thereafter.

(Map of Iran showing the location of the three nuclear sites struck by U.S. forces on Saturday / BBC)

The operation, dubbed “Midnight Hammer,” has been described by the Pentagon as “the largest B-2 operational strike in U.S. history,” but it may come at a cost. Iran has vowed to retaliate, and on Sunday, the country threatened to close the Strait of Hormuz, a Middle East trade route that facilitates the passage of one fifth of global oil supply.

But at the time of reporting, the Strat of Hormuz is still open and surprisingly, oil prices have declined by more than 5% to sub-$70 levels. Institutions like Metaplanet have rushed in to buy the cryptocurrency at a discount, and crypto investor Anthony Pompliano just announced a billion-dollar bitcoin treasury company called Procap. BTC is showing remarkable resilience, even in the wake of unprecedented geopolitical turmoil.

(Oil prices surprisingly dipped 5% on Monday, despite the U.S. attack on Iran which is one of the world’s largest oil producers. Crude fell below $70. / Trading Economics)

And as for Iran’s retaliation, U.S. President Donald Trump has issued a stern warning against any such action.

(U.S. President Donald Trump issues a stern warning to Iran regarding any potential retaliation following the U.S. bombing attack on Saturday / Donald Trump on Truth Social)

Overview of Market Metrics

Bitcoin staged a sharp recovery on Monday after a precipitous fall in the wake of operation Midnight Hammer. The cryptocurrency has climbed 3.34% over the past 24 hours to trade at $102,916.34. The rally follows a volatile trading session that saw BTC drop as low as $98,286.21 before peaking at $103,016.66. But despite the recovery, bitcoin remains down 4.63% on the week.

( Bitcoin price / Trading View)

The digital asset’s market capitalization rose to $2.04 trillion, up 3.53% from the previous day, although trading volume fell 10.02% to $57.96 billion, suggesting some traders are taking a wait-and-see approach, especially with the unfolding Middle East conflict. BTC dominance dipped slightly to 65.63% since yesterday, but is still higher than it has been in a while. Meanwhile, futures market activity ticked up, with open interest rising 1.32% to $68.14 billion.

( BTC dominance / Trading View)

Derivatives data revealed a clear tilt in market sentiment. Coinglass reported $118.88 million in total liquidations over the past 24 hours, with bears taking the heavier hit, $69.93 million in short liquidations compared to $48.95 million in longs.

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