Bitcoin fell to its lowest level in over two weeks as traders reduced positions amid broad macroeconomic risks stemming from the US-Iran conflict. On Monday, Bitcoin dropped as much as 2.2% to $76,551, marking its lowest point since May 1, before paring some losses. As of the latest update, Bitcoin was trading around $76,900. Other cryptocurrencies, including Ethereum and Solana, also declined. According to Coinglass data, during early Asian trading hours on Monday, the cryptocurrency market experienced a broad sell-off, leading to nearly $500 million in long liquidations within just 15 minutes. Data showed that over a 24-hour period up to early European trading, long liquidations totaled approximately $590 million. In recent days, risk assets have faced pressure due to uncertainty surrounding the US-Iran conflict, with Bitcoin continuing to trend lower. Last week, US-listed spot Bitcoin ETFs saw outflows exceeding $1 billion, the first significant withdrawal since late January. BTC Markets analyst Rachael Lucas noted, "Bitcoin's pullback is driven by macroeconomic factors. Market risk appetite has been repriced, and Bitcoin is moving accordingly." On Monday, oil prices climbed, bond yields surged, and Asian equities broadly declined. Negative sentiment spread as progress on reopening the Strait of Hormuz, a key trade route, stalled. US President Donald Trump stated that "time is running out" for Iran to reach an agreement. Bitcoin broke below the key support level of $77,800, triggering large-scale liquidations. Lucas pointed out that structural support remains in the $76,000 to $76,800 range; a close above $80,000 would be "the first significant sign of selling pressure exhaustion." Data from Deribit indicated strong bearish sentiment, with short positions concentrated around $77,500, and traders purchasing approximately $38 million in Bitcoin put options expiring on May 18. Sean McNulty, Head of Asia-Pacific Derivatives Trading at FalconX, said, "Bitcoin's sudden decline appears to have triggered stop-loss mechanisms in the absence of any supportive macroeconomic news." He added that the weakness was "further exacerbated by residual downside hedging pressure from last week."