TLDRBTC plummeted to approximately $63,000 during the weekend following coordinated U.S.-Israel military operations against Iran, then bounced back toward $67,000Unconfirmed reports claiming Iran’s Supreme Leader had been assassinated temporarily lifted BTC past $68,000Oil prices spiked as high as 13%, maintaining downward pressure on risk-sensitive assets like BitcoinCritical U.S. employment figures due Friday could trigger additional Bitcoin volatilityTechnical analysis reveals a bearish pennant formation suggesting possible decline to the $52,000 regionBitcoin experienced significant downward pressure throughout the weekend as coordinated military operations by the United States and Israel against Iranian targets sent shockwaves through global financial markets.Bitcoin (BTC) PriceThe leading digital asset by market capitalization slid to approximately $63,255 on Saturday, representing a decline of roughly 6.5%, before staging a recovery that brought prices back above the psychologically important $67,000 threshold by Monday.As Asian markets opened Monday, BTC was changing hands near $66,197, reflecting a 2.1% daily decline.Feb 2022: Russia attacked Ukraine. $BTC dumped first and then rallied 40%.June 2025: Israel attacked Iran. Bitcoin dumped first and then rallied 25%.Feb 2026: US attacked Iran.Will a similar pattern follow again? pic.twitter.com/b8FLF4aR9p— Ted (@TedPillows) February 28, 2026The military campaign reportedly resulted in the death of Iran’s Supreme Leader Ayatollah Ali Khamenei — unconfirmed reports that momentarily propelled Bitcoin beyond $68,000 before the rally lost momentum.Tehran retaliated with successive rounds of missile attacks aimed at American and Israeli military facilities. President Trump indicated the military operations would persist for the foreseeable future.$BTC price action is pretty simple lately.We're waiting for a resolution of this rectangle.Break above $71.8k = bullish; relief rally in store.Break below $62.6k = bearish; $60k or lower in store.One interesting thing: BTC pumped yesterday on the war news re: Iran.… pic.twitter.com/AQTkznNx0r— 𝙲𝚘𝚕𝚒𝚗 𝚃𝚊𝚕𝚔𝚜 𝙲𝚛𝚢𝚙𝚝𝚘 (@ColinTCrypto) March 1, 2026Ethereum experienced a steeper correction, dropping approximately 10% following the escalation, with prices hovering around $1,950 by Sunday.Energy Markets and Traditional Safe Havens RallyCrude oil markets demonstrated dramatic volatility in response to the Middle East tensions. Brent crude surged up to 13% while West Texas Intermediate posted gains approaching 10% during Sunday evening trading.Gold advanced roughly 2%, climbing to its highest levels in several weeks as capital rotated into traditional safe-haven instruments.Sean Farrell, Fundstrat’s head of digital assets, noted that geopolitical-driven selloffs often present buying opportunities, though he identified crude oil as the critical variable to monitor. He cautioned that any interruption to global shipping routes or energy supply chains could exert additional downward pressure on Bitcoin valuations.U.S. equity index futures declined during Asian session trading, signaling a challenging opening for Wall Street.Critical Economic Releases and Technical OutlookMarket participants are now focusing attention on a densely packed U.S. economic calendar. Monday brings the ISM Manufacturing index, with ADP employment figures and ISM Services data scheduled for Wednesday.The week’s centerpiece arrives Friday with the Nonfarm Payrolls release, a report that consistently influences Treasury yields and dollar strength — two factors with documented correlation to Bitcoin price action.$BTC FEB CLOSED AT $67K. EVEN WITH THE US STRIKE ON IRAN.IS THIS FRACTAL MANIFESTING IN FULL? pic.twitter.com/0LQ0dGvx4G— Crypto Seth (@seth_fin) March 1, 2026From a technical perspective, BTC appears to be developing what market observers characterize as a bearish pennant pattern following its retreat from the $73,000–$74,000 zone. This formation indicates the cryptocurrency may consolidate within a $63,000 to $69,000 trading corridor near-term.A decisive break below this range could send prices toward support in the $51,800–$52,000 area, based on pattern-based price projections.Bitcoin has declined 23% year-to-date and registered losses for five consecutive months. The asset reached an all-time peak of $126,000 in October.Several institutional analysts are now modeling scenarios where BTC tests the $50,000 level before potentially establishing a base for recovery during the year’s second half.At the time of writing Monday, BTC was trading around $65,961.The post BTC Tumbles Under $66K Amid Escalating U.S.-Israel Military Action Against Iran appeared first on Blockonomi.