• Bitcoin fell below $68,000 on April 7 following U.S. and Israeli military strikes on Iranian infrastructure.
• High volatility led Coinglass to report $60.63 million in liquidations as WTI oil peaked at $117 per barrel.
• Analysts warn that a shut Strait of Hormuz could trigger a global recession if Iran retaliates after Tuesday.

Bitcoin (BTC) retreated Tuesday, briefly tumbling below the $68,000 support level as global markets recoiled from reports that U.S. and Israeli forces had initiated strikes against Iranian civilian infrastructure. The downturn marks a swift reversal in sentiment; just 24 hours earlier, the top cryptocurrency had surged 4%, twice challenging psychological resistance at $70,000.

While it maintained a tenuous grip on the high $69,000s through Monday night, the technical picture soured in the early hours of April 7. A rapid descent sent prices below $68,500, and though a brief corrective bounce carried BTC back to $69,200, the recovery proved fragile. Two successive waves of heavy selling forced an intraday low of $67,724 by 11 a.m. EST. As of mid-afternoon, bitcoin had clawed back above $68,500, attempting to consolidate for another run at the $69,000 handle.

The weakness in the crypto market mirrored a broader retreat in global equities as investors braced for the expiration of President Donald Trump’s Tuesday deadline. With Tehran largely rebuffing U.S. diplomatic demands, the specter of sustained strikes on Iranian power grids, rail networks, and oil infrastructure has become a grim reality.

Market participants and analysts now fear a massive escalatory cycle in which Iran retaliates against critical facilities across Gulf states. This geopolitical powder keg suggests the Strait of Hormuz will remain shuttered for the foreseeable future.

The economic implications were visible as the price of West Texas Intermediate (WTI) crude oil briefly peaked just above $117 per barrel before retreating to $113. Analysts warn that a prolonged closure of the strait could trigger acute global oil shortages, potentially tipping major economies into a deep recession.

Meanwhile, bitcoin‘s volatility triggered a significant shift in the derivatives market. According to data from Coinglass, bitcoin’s price action led to a total of $60.63 million in liquidations over the past session. However, the April 7 flush of long positions stood in stark contrast to the previous day, when a short-covering rally saw $145 million in bearish bets wiped out.

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