Bitcoin took a pretty hard hit yesterday, sliding down into the $66,000–$68,000 range after losing its grip on the psychological $70k support zone.

The sudden pullback was largely fueled by escalating US-Iran geopolitical tensions and Donald Trump's recent warnings regarding the Strait of Hormuz, which spooked the broader markets and triggered over $400 million in leveraged crypto liquidations. On top of the macro jitters, a massive $14 billion quarterly options expiry added a ton of intraday volatility to the mix.

Veteran chartist Peter Brandt also flagged a classic rising wedge sell signal during the dump, warning that if this institutional selling pressure keeps up, $BTC could potentially test the $60,000 level next.