Iran headlines just flushed leverage fast.
About $115 million in BTC longs was wiped out in roughly an hour after U.S. strikes on Iranian targets near the Strait of Hormuz pushed oil toward $95 and dragged markets into risk-off mode. Bitcoin slid from near $79,000 to roughly $76,760, losing $78,000 and $77,000 on the way down.
Now the market is back to one question: does BTC stabilize above the $75,000 to $76,000 zone, or does this move open the way to $70,000.
The bounce so far looks weak. Higher yields, a firmer dollar, and hawkish Fed pressure are not giving bulls much help.
If BTC can reclaim $78,000 while liquidations cool and spot demand holds up, this starts to look like a geopolitical shakeout. If $75,000 gives way and open interest builds back into continued selling, $70,000 to $72,000 becomes a realistic next area.
The key tells here are simple: $75,000 support, $78,000 resistance, oil, the dollar, and whether leverage starts rebuilding too quickly. The next 24 to 48 hours should show whether this was a panic flush or the start of a deeper reset.
