Bitcoin traded in a tight range early Monday before erupting into a sharp, headline-driven swing, jumping from $67,500 to $71,200 and then slipping back toward $70,000 as mixed signals around U.S.-Iran tensions hit markets.
The upside move was sparked after U.S. President Donald Trump said he had directed the Pentagon to delay planned strikes on Iranian power facilities for five days, pointing to “very good and productive conversations.” The update triggered a swift rally across crypto.
That momentum quickly reversed. Fars News Agency pushed back on the claims, stating there had been no communication with Trump and suggesting the U.S. stepped back after warnings of retaliatory action targeting power infrastructure across West Asia. Bitcoin promptly dropped about $1,200 following the report.
The back-and-forth headlines unleashed heavy liquidations in derivatives markets. According to CoinGlass, more than $415 million in leveraged positions were wiped out within a four-hour window, including $280 million in shorts and $135 million in longs—indicating traders were initially leaning toward escalation before being caught offside.
Bitcoin made up roughly $140 million of the liquidations, with ether contributing around $120 million. On Hyperliquid, Brent oil futures saw about $64 million in liquidations, largely impacting long positions. Tokenized gold and silver recorded losses of $20.9 million and $19.8 million, respectively.
Oil trades were especially skewed, as most participants had positioned for an escalation following Trump’s earlier ultimatum. The unexpected delay forced a rapid unwind of those bullish bets.
During the Asia session, Bitcoin had been moving sideways between $67,500 and $68,500 before surging nearly $3,700 within an hour on the Trump headline, only to give back part of those gains after Iran’s denial.
By Monday evening, Bitcoin was holding near $70,000, up about 2.3% on the day, but still within a range shaped by fast-moving, news-driven volatility.
The session highlights a broader pattern noted in data from Binance: when derivatives trading dominates spot volume, markets become more reactive to headlines, amplifying moves through liquidation cascades in both directions.
While Bitcoin ended the day with modest gains, leveraged traders absorbed significant losses amid the turbulence.
