Long Traders Lose $17.3M as Bitcoin Stalls Below $77,000 on Iran Tension

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Bitcoin fluctuated between $76,200 and $77,245, ultimately stabilizing around $76,750. Despite the daily volatility (up 0.7%), it remained down nearly 5% for the week, holding a market cap of $1.54 trillion. Long Traders Lose $17.3M as Bitcoin Stalls Below $77,000 on Iran Tension Key Takeaways - Bitcoin fluctuated between $76,200 and $77,245 as Coinglass recorded a drop in crypto liquidations to $175M. - Renewed U.S.-Iran tension erased a morning rally, pushing the Nasdaq and the S&P 500 lower by late Tuesday. - Markets brace for turbulence after Trump reportedly set a weekend deadline for Iran to agree to a deal. Geopolitical Tension Stalls Momentum Bitcoin traded sideways on Tuesday, oscillating between a low of $76,200 and an intraday high of $77,245 as global markets reacted to U.S. President Donald Trump’s postponement of strikes on Iran. While the announcement twice saw bitcoin surge past $77,000, momentum faded each time shortly after the cryptocurrency tapped $77,200. Market data show that after breaching $77,200 for the second time at around 3:49 a.m. EST, bitcoin began a gradual descent to an intraday low of $76,181 about 8 hours later. A quick rally immediately followed, sending it up to $76,900 before bearish pressure forced a retreat to $76,750. Despite the volatility, bitcoin was up 0.7% over 24 hours but down nearly 5% over seven days. The marginal increase lifted its market capitalization to $1.54 trillion, which helped push the broader crypto economy’s market cap to $2.64 trillion. While global markets initially welcomed the postponement of the strikes, the relief rally quickly evaporated. Renewed geopolitical friction flared as media reports surfaced indicating that Iran had submitted a fresh proposal with maximalist demands. The uncertainty intensified following reports that Trump had issued a weekend deadline for Iran to agree to a deal, reigniting fears of an imminent military escalation. That looming deadline choked out the morning’s optimism. Wall Street reversed its early gains as the trading session progressed, leaving the Nasdaq, the S&P 500 and the Dow Jones Industrial Average all flashing red by late afternoon. Meanwhile, the energy sector braced for turbulence, with West Texas Intermediate (WTI) crude tracking just below $105 a barrel. Meanwhile, bitcoin’s flat price action on Tuesday led to a marked decrease in liquidated leveraged positions. Coinglass data shows that of the $37.6 million in liquidated leveraged positions, long bets accounted for $17.3 million. In contrast, approximately $223 million in long bets were liquidated around the same time on Monday. Overall, liquidations across the crypto market topped $175 million, a drastic decline from the more than $800 million in leveraged positions liquidated on May 18.

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