Bitcoin rebounded to around $64,000 over the weekend, recovering some of the losses from Friday's decline, but remained nearly flat for the week. The market is currently trading primarily around two themes: the start of ceasefire talks between the US and Iran in Switzerland, and Iran's renewed threat to close the Strait of Hormuz.
Most major cryptocurrencies have stabilized.
According to CoinDesk data, Bitcoin was trading at approximately $64,200 on Sunday, up 0.9% in the last 24 hours. It had previously fallen below $63,000 on Friday. Ethereum rose 0.5% to $1,734, with a weekly gain of 3.3%; Solana rose 1.5% to $73, and Tron rose 1.2%.
Over the past week, Hyperliquid's HYPE remained one of the strongest performing mainstream tokens, with a weekly gain of 14.8%, although it fell back 2% in a single day. Dogecoin, on the other hand, was relatively weak, with a cumulative decline of 4.9% over 7 days.
- BTC: Approximately $64,200, up 0.9% in the last 24 hours.
- ETH: Approximately $1,734, up 3.3% for the week.
- SOL: Approximately $73, up 1.5% on the day.
US-Iran negotiations begin in Switzerland
According to reports, US and Iranian officials will hold permanent ceasefire talks in Switzerland, with US Vice President JD Vance also participating. This round of consultations follows President Trump's signing of a memorandum of understanding last week. The document sets a 60-day window for extensions.
However, market concerns have not been completely dispelled. Iran's renewed order to close the Strait of Hormuz has cast doubt on the previously de-escalating situation. Previously, as agreements pushed for the strait's reopening, international oil prices fell by about 9% last week, and risk assets strengthened accordingly.
Hormuz risk continues to suppress sentiment
The Strait of Hormuz is a vital global energy transport route. If the threat of closure materializes, oil prices could rebound, dragging down risk assets including Bitcoin. Conversely, if the ceasefire agreement continues, the geopolitical risk premium currently weighing on the market is expected to diminish.
Looking at this week's performance, Bitcoin remains in a range-bound trading pattern. The price initially rose due to news regarding the Iran-related agreement, then fell back on Friday following overall risk aversion, before stabilizing again over the weekend. The market is still awaiting external events to provide a clearer direction in the short term.
