Iran and Strategy push Bitcoin below $70k for the first time in two months, investors panic

Bitcoin has been under pressure in recent weeks. After the largest digital currency struggled to break through the $85 level in mid-May, it’s price has been falling again in the past three weeks. Yesterday, the sale of some Bitcoins by Strategy, as well as the failure to reach a peace agreement in Iran, put further pressure on the price, which dropped below the $70k mark for the first time in two months.

At the time of writing, Bitcoin is trading at $65,800.

Strategy

Bitcoin dropped below the psychologically important price point of $70,000 for the first time in two months following a sell transaction by Bitcoin giant Strategy, the largest Bitcoin whale among companies. Although it involves only a very small amount, investors view the transaction as a symbolic break with Strategy’s long-standing belief that Bitcoin never needs to be sold.

🚨 BREAKING:

HUGE WHALES AND EXCHANGES ARE DUMPING BITCOIN AFTER STRATEGY’S SELL

THEY’RE SELLING MILLIONS OF $BTC EVERY FEW MINUTES AND HAVE DUMPED PRICE TO $71,902

SOMETHING EXTREMELY BAD IS HAPPENING… pic.twitter.com/bjnfXCmYfc

— ᴛʀᴀᴄᴇʀ (@DeFiTracer) June 1, 2026

Meanwhile, the Iran war continues to put pressure on high-risk assets. US President Donald Trump is making no progress whatsoever in reaching a peace agreement with the Islamic regime, forcing traders to decipher his sometimes very confusing signals regarding the likelihood of a lasting ceasefire between the United States and Iran.

Among the altcoins, it is noticeable that Hyperliquid refuses to make the same move. Although all major cryptocurrencies are dropping 10% and are following Bitcoin’s lead, Hype is only dropping very slightly.