Flagship cryptocurrency Bitcoin price dropped today below $71,000, after the U.S. bombed military targets on Kharg Island, near Iran’s main crude export facility.
The price of Bitcoin erased the gains it made on Friday when it reached $73,927, falling nearly 2% as risk sentiment weakened across markets. Despite this drop, Bitcoin ETFs continue to see inflows for the last 5 straight days.
Trump Warns of Strikes on Iran’s Kharg Island
In a post on Truth Social, Trump said U.S. forces carried out major bombing operations targeting military positions on Kharg Island, a strategic location near Iran’s primary oil export infrastructure.
He warned that energy facilities on the island could become targets if Iran continues to block the Strait of Hormuz, a key global oil shipping route. Kharg Island handles more than 90% of Iran’s crude oil exports, making it one of the most critical locations in the country’s energy system.
Oil prices have already surged more than 40% since the conflict began, increasing pressure on global markets.
Iran responded by warning that it could attack oil infrastructure linked to the United States if energy facilities on Kharg Island are targeted.
Polymarket reports also indicate that Iran is considering allowing oil shipments through the Strait of Hormuz only if payments are made in Chinese yuan instead of U.S. dollars, adding another layer of tension to global energy markets.
Bitcoin ETFs Continue to See Strong Inflows
Even as prices pulled back, institutional demand for Bitcoin remains strong.
Data from Farside Investors shows that U.S. spot Bitcoin ETFs have recorded inflows for five consecutive trading days, totaling about $763.4 million.
On March 14 alone, spot Bitcoin ETFs saw $180.4 million in net inflows.
The largest share of these inflows came from the iShares Bitcoin Trust (IBIT), managed by BlackRock, which attracted roughly $600 million over the past five days.
Bitcoin Testing $66K Technical Levels
As of now, Bitcoin is currently trading around $70,668, with trading volume rising about 16% during the session.
According to crypto trader Captain Faibik, Bitcoin’s daily chart is forming a bearish flag pattern, which often appears when the market pauses before another move lower.
The cryptocurrency is currently moving within a price channel between $66,000 and $72,000.
If Bitcoin fails to break above the upper resistance of this range and falls below support, the analyst says the price could potentially decline toward $55,000.
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