- Bitcoin recovered above $68000 after dropping to $63000 following news of an Iranian strike.
- More than 157,000 traders were liquidated, and losses totalled $657M within 24 hours.
- Gold and silver were up in 2026, while Bitcoin was down, with analysts monitoring the $ 60,000 level.
Bitcoin price recovered sharply over the weekend, retracing losses recorded after reports that the United States and Israel had launched coordinated air strikes on Iran and that Iran’s Supreme Leader had been killed.
Bitcoin Reclaims $68K After Sharp 24-Hour Reversal
The digital asset climbed back above $68,000 in early Sunday trading, reversing a sudden drop to $63,000 a day earlier. The move restored levels last seen on Friday and came amid elevated volatility across global markets, with more than $650 million in leveraged crypto positions liquidated during the 24 hours.
According to TradingView data, Bitcoin (BTC) reached $68,200 in early trading on Sunday morning.
The asset had fallen to $63,000 on Saturday following reports of military action and the death of Ayatollah Ali Khamenei.
Bitcoin Price Volatility Triggers $657 Million in Liquidations.
The extreme price fluctuations in Bitcoin have led to massive liquidations in derivatives markets. Data from CoinGlass indicates that 157,000 traders were liquidated over the past 24 hours, totaling $175 million. The figures were roughly evenly split between leveraged long and short positions, reflecting rapid price reversals during the period.
The volatility followed confirmation from Iran’s Supreme National Security Council that Ayatollah Khamenei had been killed at his office on Saturday, as reported by the BBC. In addition to Khamenei, the commander-in-chief of the Islamic Revolutionary Guard Corps, Mohammad Pakpour, and the secretary of Iran’s Defense Council, Ali Shamkhani, were also reported killed in the strikes.
U.S. President Donald Trump commented on the development on his social media platform, Truth Social, describing Khamenei as “one of the most evil people in history.” In a separate statement, Trump said the event represented justice for victims of violence attributed to the Iranian leadership.
However, market participants reacted quickly to the geopolitical developments. Crypto analyst Ash Crypto wrote on Sunday that the market had rallied after news of Khamenei’s death, interpreting the development as a potential signal that the U.S.-Iran conflict was ending.
He added that if signs of resolution appeared before the start of the trading week, Bitcoin could maintain its gains and move higher. Analysts noted that while the asset has regained short-term losses, it has not broken out of its established three-week channel.
Bitcoin Logs Rare February Loss as Schiff Highlights Gold Rally
The weekend recovery follows a difficult monthly close. Bitcoin has registered the third-worst performance in February since its inception and the fourth consecutive downward trend since 2013. According to CoinGlass data, BTC dropped by slightly under 15% in the month.
Peter Schiff, in an X post, said that gold rose by $94 to close at $5,278, its highest weekly and monthly close in history. Silver also shot up by $5.50 to $93.66 to make a record monthly close.
Schiff stated that gold and silver have gained 21.5% and 30%, respectively, so far in 2026, while Bitcoin has declined 27% during the same period. He added that he expects the divergence between Bitcoin and precious metals to continue throughout the year.
Gold-Bitcoin Metrics and Market Rotation Outlook
Fidelity’s Jurrien Timmer provided additional commentary on relative asset performance. Timmer characterized Bitcoin as a junior player aspiring to be in the larger category of hard money, dominated by gold. He claimed that gold has been the main store of value throughout history, and that Bitcoin and silver are secondary forms of value.
Timmer cited the gold-to-Bitcoin ratio as an indicator to follow and pointed to $60,000 as a major support area, based on previous price action and a power-law curve model. He noted that while gold appears inexpensive relative to silver, it appears expensive when compared with Bitcoin.
He also cited the gold/Bitcoin Z-score, which has historically signaled market tops and bottoms through divergence patterns. At present, no clear divergence has formed, and indicators are not at prior low extremes. Timmer stated that Bitcoin may require additional consolidation between $60,000 and $70,000 before establishing a durable bottom.
Separately, crypto analyst Michael Van de Poppe commented that commodities could reach a near-term peak, followed by a rotation into equities and digital assets in the coming week.
