Bitcoin recovers to $67,400 after dipping below $65,200 as Houthis enter Iran war
The conflict’s fifth week brought its widest expansion yet, with Iran-backed forces opening a new front and U.S. ground troops arriving in the region.
What to know:
- Bitcoin briefly fell to $65,112, its lowest level since the war-related February crash, before rebounding above $67,000 as Asian markets opened.
- The latest escalation in the conflict, including Houthi involvement, new U.S. troop deployments and Iranian attacks on aluminum facilities, rattled global markets and pushed Brent crude to about $115 a barrel.
- Bitcoin’s drop below its recent pattern of higher lows raises questions about whether its war-time trading range will hold, while surging oil and metals prices threaten broader inflation and could delay Federal Reserve rate cuts.
The war just got bigger. Bitcoin briefly got smaller.
Bitcoin dipped to $65,112 early Monday morning, its lowest level since the February crash, before recovering to $67,402 as Asian markets opened.
The 24-hour range of $65,112 to $67,389 reflects a market that sold hard on overnight escalation headlines and found buyers near $65,000, a level that hasn’t been tested since the war’s opening weekend five weeks ago.
Ethereum recovered 2% to $2,044, Solana gained 0.9% to $83.48, and XRP added 1.4% to $1.35. The 24-hour green across the board masks a rougher weekly picture though. BTC is still down 1% on the week, ETH 0.9%, XRP 1.9%, and SOL 3.7%. Tron is the one name sitting in green, up 2.6% in a day and 4.6% on the week, quietly outperforming the entire majors complex.
The escalation this time came from multiple directions simultaneously. Iran-backed Houthi forces entered the conflict, opening a new front beyond the direct U.S.-Israel-Iran theater. Additional U.S. troops arrived in the Middle East, fanning fears of a ground operation.
The Wall Street Journal reported Trump is weighing a military operation to extract uranium from Iran, though no decision has been made. And Iran attacked two aluminum production sites in the region, sending the metal up as much as 6% and extending the war’s economic damage beyond oil and into industrial commodities.
