Bitcoin dropped to around $66,200 on Thursday as risk assets fell amid U.S. President Donald Trump’s address on Iran. The move followed geopolitical tensions that left markets uneasy.

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BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Trump’s speech, which avoided explicit de-escalation, sparked renewed fears of conflict. Market observers noted that the tone contradicted expectations of a calming effect.

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XAU/USD one-hour chart. Source: Cointelegraph/TradingView

The U.S. dollar index (DXY) strengthened, nearing 100 levels, marking its highest since mid-2025. Analysts suggest a potential breakout could drive risk assets lower.

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US dollar index (DXY) one-day chart. Source: Aksel Kibar/X

Crypto trader BitBull warned of a possible expansion phase in DXY, forecasting further downside for Bitcoin and other risky assets.

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BTC/USD one-day chart. Source: Keith Alan/X

Meanwhile, analysts point to a bear flag pattern forming in Bitcoin’s price, suggesting continued downward momentum unless direction emerges.