Bitcoin Tests $68K Two-Week Low on Iran War Fears

Bitcoin touched $67,371 on Monday. That's its lowest price since March 9. The move came as Middle East tensions escalated sharply over the weekend, pulling the broader crypto market lower.

The token spent most of Monday trading near $68,000. That level carries weight. It marks the 200-week exponential moving average, a technical line traders watch closely for long-term trend signals.

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Trump Ultimatum Lit the Fuse

US President Donald Trump issued a 48-hour ultimatum over the weekend. He threatened to strike Iran's power plants unless Tehran reopened the Strait of Hormuz. The strait is a critical waterway for global oil trade. Iran fired back, warning it would target key infrastructure across the region if its energy assets were hit.

Rachael Lucas, an analyst at BTC Markets, pointed directly to the geopolitical trigger. Speaking to Bloomberg, Lucas said Trump's threat to obliterate Iranian power plants while demanding the strait reopen pushed Brent crude prices sharply higher.

Oil edged up on Monday. Gold fell more than 3% on the same day, nearly erasing all its yearly gains. The metal is down 17% this month. Asian equities opened lower. Bond yields climbed globally.

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Bitcoin Still Holds a Strange Edge

Here's the thing though. Bitcoin is actually up around 4% in March. That's a relatively stable run compared to what traditional assets absorbed this month.

Gold's 17% monthly slide stands in sharp contrast. The gap between gold's collapse and Bitcoin's relative calm has traders watching closely. Still, Bitcoin remains 45% below its October high of $126,251, when a sharp market selloff started dragging prices down.

Pratik Kala, head of research at Apollo Crypto, told Bloomberg the 200-week moving average zone has historically been a strong area for bulls. "Phenomenal regions to add if leaning bullish," Kala said, describing the $68,000 level.

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Sentiment Sits Deep in Fear Territory

Market sentiment hasn't recovered. A Coinglass fear index has sat at "extreme fear" for 25 of the last 30 days. That's not a short dip into negativity.

Net flows into US-listed spot Bitcoin ETFs went negative mid-week last week. Those funds lost $305.8 million across three days. They still managed a net inflow of $95 million for the full week, but the mid-week outflows show traders pulling back.

Haider Rafique, global managing partner at crypto exchange OKX, made a pointed observation in a Bloomberg report. Bitcoin's "safe haven" story faces a real test in weeks like this, Rafique noted, because the asset has been moving alongside risk rather than against it.

Bitcoin was trading near $67,800 at 7 a.m. London time Monday. MSCI's All Country World Index extended its losses for the year on the same day. Japanese and South Korean stock indexes both slid.

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The $68,000 level isn't just a number traders watch. It's been tested multiple times this month. Each time, Bitcoin has managed to hold or return to it. Whether that holds through a potential escalation in the Iran conflict remains the key question for the days ahead.