BTC drops below 68,000 USDT

The swing whale "pension-usdt.eth" has entered the market again to go long on BTC, increasing holdings by tens of millions in a short period.

BlockBeats News reports that on March 2nd, the address "pension-usdt.eth" continued building a 3x leveraged BTC long position at approximately $65,691 BTC. The current position size is 291 BTC, with an expected final total of 1,000 BTC. This address has profited from swing trading, with cumulative gains exceeding $20 million since October of last year.

The largest BTC long position was liquidated 24 times within 24 hours, and the long bets on the Hamaneyah assassination node predicted the end of the war.

The largest long address for BTC (0xdf1) was liquidated 24 times in the past 24 hours, with a total value of approximately $3.9 million. The account balance dropped from $2.66 million to $140,000, a decline of over 94.7%. This address previously held a leveraged position with 40x leverage on long BTC, funded by unrealized gains from SOL longs, significantly increasing the risk of liquidation.

Analysis: The bears are not enough to quickly "break 6 and see 5" for BTC. The $64,500 support will be reaffirmed after the US stock market opens.

Bitcoin analyst Murphy pointed out that when the price approaches the historical average turnover cost of $64,500, market sentiment reaches a limit. Recently, Bitcoin has repeatedly fallen below this cost line but quickly rebounded, indicating strong bullish resistance. As the focus shifts from US-Iran geopolitical conflicts, it is expected to have a significant impact on crude oil prices, and in the short term, the bearish forces are insufficient to quickly push prices down.

Trading Moment: Geopolitical conflicts trigger risk aversion sentiment, over 60% of analysts are bullish on Bitcoin

Daily Market Highlights and Trend Analysis, produced by PANews. Macro Market Following the joint military strike by the US and Israel against Iran that resulted in the death of Khamenei, the Middle East powder keg has been fully ignited. Trump's tough stance has heightened market anxiety, as he openly stated that military operations could last four weeks and would not cease until objectives are met; meanwhile, Iran responded firmly, declaring that the decision to cease fire lies with Iran. Panic quickly swept through traditional financial markets. US stock index futures opened sharply lower on Monday, with S&P 500, Nasdaq, and Dow Jones futures all down over 1%. Short-term government bond yields briefly dropped to their lowest levels since 2022, as funds frantically flee overvalued risk assets. In the rush to safe havens, precious metals unsurprisingly became the ultimate refuge for global capital. Spot gold surged 2% to $5,390 per ounce, and spot silver jumped 2.6% to $96.