Bitcoin drops to $71,500 on June 1 as US-Iran headlines spark $400M+ liquidations

On June 1, Bitcoin fell from $73,500 to $71,500 as US-Iran strike headlines triggered a risk-off move across crypto derivatives. Over $400M in leveraged long positions were liquidated within four hours, with the largest clusters reported on Binance and OKX. The selloff also coincided with a break below $72,000, putting focus on the $71,000–$72,000 area for near-term support.