TLDR
- Bitcoin fell below $73,000 after U.S. airstrikes targeted an Iranian military site near the Strait of Hormuz.
- Nearly $1 billion in leveraged crypto positions were liquidated in 24 hours, with 93% from long positions.
- Bitcoin led liquidations at $386 million, followed by Ether at $246 million.
- Analyst Captain Faibik warned that a failure to hold $72,000 could trigger a 20–25% further drop.
- Broader risk assets also fell, with global stock indices and Asian markets posting losses.
Bitcoin fell sharply on Thursday, May 28, 2026, dropping below $73,000 for the first time in months after U.S. Central Command carried out airstrikes on an Iranian military site near the Strait of Hormuz.
The price hit a low of $72,912 during Asian trading hours, down 3.4% over 24 hours and 6.3% over the prior week, according to CoinDesk data.
Crypto analyst Captain Faibik flagged a concerning chart pattern, warning that Bitcoin was forming a bearish flag and that if bulls failed to hold the $72,000 support level, traders should “be prepared for a potential 20–25% bearish wave.” His analysis came as the price was testing that exact support zone.
$BTC Bearish flag is now looking Ready for a downside Breakdown..!!
If bulls fail to hold the 72k Support level, be prepared for a Potential 20–25% Bearish wave..📉#Crypto #Bitcoin #BTC pic.twitter.com/rTeWEm778r
— Captain Faibik 🐺 (@CryptoFaibik) May 28, 2026
Ether (ETH) fell 4.2% to $1,976, losing the $2,000 level. Solana (SOL) dropped 3.5% to $80.57, XRP slid 3.6% to $1.28, and Dogecoin fell 3.2% to $0.0979.
The exception was Hyperliquid (HYPE), which was the only major token to hold a weekly gain, still up 2.4% over seven days despite a 4.5% daily drop.
Almost $1 Billion Wiped from Leveraged Positions
CoinGlass data showed $958.8 million in total liquidations over 24 hours across 167,706 traders. Long positions accounted for $897 million of that total, while shorts made up just $61 million.
Bitcoin liquidations led at $386 million, with Ether close behind at $246 million. The single largest liquidation was a $15.34 million BTC position on Hyperliquid.
The 93% long-skew in a near-billion-dollar flush reflects how many traders were positioned for a recovery. The leverage that had built up through mid-May was cleared in a single trading session.
Geopolitical Escalation Behind the Drop
The trigger was a series of military actions in the Middle East. U.S. Central Command struck an Iranian military position near the Strait of Hormuz and shot down four Iranian attack drones fired at a commercial vessel.
BREAKING: Iran’s IRGC releases a statement saying that it has retaliated to the US strike on an Iranian military position in the Strait of Hormuz by attacking a US airbase in Kuwait.
In their statement, the IRGC says “aggression will not go unanswered.”
Oil prices are up nearly…
— The Kobeissi Letter (@KobeissiLetter) May 28, 2026
The U.S. Treasury also imposed new sanctions on Iran’s Persian Gulf Strait Authority, accusing it of extorting ships transiting the strait.
Iran’s Islamic Revolutionary Guard Corps said it retaliated by attacking a U.S. airbase in Kuwait. Kuwait confirmed its military intercepted hostile missile and drone threats.
President Trump said the Strait of Hormuz would remain open. “It’s international waters,” he told a cabinet meeting. “The strait’s going to be open to everybody.”
Oil prices climbed nearly 5% on the escalation news. Global equities also fell, with Asian shares dropping 1.7% and S&P 500 and Nasdaq 100 futures pointing lower.
Prediction market data showed confidence in Bitcoin staying above $70,000 by May 29 dropped from 98% to 94% in 24 hours.
Bitcoin had held above $74,000 through several weeks of Iran-related headlines prior to Thursday’s strikes. The airstrikes broke that floor.
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