Bitcoin retreats to $68,000, leaving CME gap as traders eye $70,000 rebound

Bitcoin fell to around $68,200, returning to early February price levels after U.S. President Donald Trump's threat against Iran sparked a selloff. This price movement created a CME futures gap near $70,000, which traders are now watching for a potential fill. The market saw over $400 million in leveraged crypto futures liquidations in 24 hours, predominantly long positions, indicating a significant unwind of bullish leverage. While altcoins generally lagged, privacy tokens and assets like BCH and LINK showed relative strength with positive funding rates, suggesting sustained buying pressure for those specific assets. Market uncertainty is rising, reflected by Bitcoin's 30-day implied volatility index (BVIV) jumping to 60%, and demand for hedging is evident as BTC put options are priced at a premium over call options.

(Source：CoinDesk)