Bitcoin rebounded to around $64,000 on Sunday, recovering some of the losses from Friday's decline, but remains within its existing trading range. The market is currently focused on two factors: continued outflows from US spot Bitcoin ETFs and the potential for tensions in the Strait of Hormuz to push up oil prices, thereby impacting the performance of risk assets.
Prices remain stuck in a key range
According to market data cited by crypto.news, Bitcoin was trading at approximately $64,008, up 0.87% in the last 24 hours. The intraday trading range was between $63,188 and $64,462, with a 24-hour trading volume exceeding $16.6 billion. However, looking at the weekly performance, Bitcoin is still slightly down, indicating that the weekend rebound only recovered some of the losses.
Traders are currently focusing on the $62,000 support level and the $67,000 resistance level. A break below $62,000 could weaken short-term sentiment further; only a rebound above $67,000 would allow the market to move its targets higher again.
Bitcoin briefly dipped below $63,000 last Friday, reflecting a decline in overall risk appetite in the crypto market. Prices subsequently rebounded. Besides Bitcoin, Ethereum, Solana, and Tron also stabilized over the weekend, while Dogecoin continued to underperform most major tokens.
The situation in Hormuz is affecting macro sentiment.
The market is also focused on the planned ceasefire talks between the US and Iran in Switzerland. The report noted that the two sides had previously signed a memorandum of understanding and set a 60-day window to try and push for a longer-term arrangement.
However, Iran's renewed order to close the Strait of Hormuz has not abated market risks. The Strait of Hormuz is a vital global oil shipping route; its actual closure could push up oil prices and put pressure on risk assets, including Bitcoin.
Rising oil prices could also reignite inflation expectations, thereby suppressing market expectations for further easing by the Federal Reserve. For the crypto market, this means that the liquidity environment may be difficult to improve significantly, and Bitcoin's short-term price movements will continue to be influenced by external events affecting the crypto market.
Continuous outflows from ETFs suppress demand.
In terms of funding, Galaxy Research stated that the U.S. spot Bitcoin ETF recorded a net outflow of $6.35 billion in the past 30 days, the largest single-month outflow in its tracking data.
Data shows that related products have seen net outflows for six consecutive weeks, and the cumulative net inflow has also decreased from a high of approximately $63 billion in October 2025 to $53.4 billion. This indicates that institutional demand has cooled somewhat, while the price of Bitcoin continues to fluctuate around its support level.
ETF outflows may not immediately trigger a price drop, but they will weaken the stable buying support that previously underpinned Bitcoin's rise. Given the rising macroeconomic risks, if funds continue to withdraw funds, the spot market will need to absorb more selling pressure, making it more difficult for prices to return above $67,000.
Currently, although Bitcoin has temporarily stabilized, whether the rebound can continue depends on whether trading volume can increase, whether ETF fund flows improve, and whether geopolitical tensions ease.
