Bitcoin (BTC) Plunges 4% as Geopolitical Fears and Massive Options Expiry Shake Markets

Key Takeaways Seasoned analyst Peter Brandt identified a rising wedge pattern suggesting potential declines toward $60,000 or as low as $49,000. BTC experienced a 4%+ decline on March 27, settling in the $65,720–$66,030 range. Deribit’s $14.16 billion options settlement eliminated 40% of outstanding contracts and sparked more than $115 million in leveraged long liquidations. Escalating Middle East tensions between the U.S., Israel, and Iran are pushing capital flows toward the dollar and away from risk assets including Bitcoin. Market experts from CEX.IO and Bitget Wallet anticipate additional downward pressure, highlighting $60,000 as a critical threshold. Bitcoin experienced a significant pullback on March 27, shedding more than 4% of its value to hover near $65,720 as mounting geopolitical uncertainties converged with the largest quarterly options settlement on record. Bitcoin (BTC) Price The selloff intensified as ongoing hostilities involving the United States, Israel, and Iran prompted market participants to rotate into traditional safe-haven assets, particularly the U.S. dollar. Iran’s continued blockade of the Strait of Hormuz amplified market anxiety, despite conflicting reports from former President Trump suggesting limited oil tanker passage as a diplomatic concession. Renowned market technician Peter Brandt shared analysis on X highlighting a developing rising wedge formation—a classic bearish reversal pattern. His technical projection identifies $60,000 as the immediate downside objective should the pattern complete. Bitcoin setting up for a rising wedge sell signal $BTC pic.twitter.com/NTzz30azWy — Peter Brandt (@PeterLBrandt) March 26, 2026 In a follow-up post, Brandt presented an alternate scenario targeting $49,000 as a potential multi-month price floor for Bitcoin. He emphasized that BTC demonstrates stronger adherence to traditional technical analysis principles than most asset classes. Brandt’s previous forecasts called for Bitcoin to breach t...