Bitcoin drops to $73K amid renewed US strikes on Iran and ETF outflows

• Bitcoin (BTC) is down to around $73K amid ETF outflows and geopolitical tension.
• Over $2B in ETF outflows and $900M liquidations added selling pressure.
• The key support sits at $72,650 with RSI near oversold levels at 34.82.

Bitcoin slipped below the $73,000 level as a combination of geopolitical escalation, heavy ETF redemptions, and large institutional sell pressure weighed on the market.

At the time of writing, Bitcoin was trading around $73,235, after briefly touching an intraday low of $72,604 from a high of $74,490.

The decline has extended a multi-week decline that has already erased more than 8% over the past 14 days and nearly 33% over the last year.

Geopolitical shock and forced liquidations accelerate the downtrend

The sharpest part of the decline came after renewed US military strikes on Iran, which triggered a broad risk-off reaction across global markets.

Crypto assets were hit particularly hard due to their higher leverage exposure.

During the selloff, more than $900 million in crypto positions were liquidated, according to market data compiled during the session.

The liquidations were concentrated in over-leveraged long posi...