Bitcoin Holds Near $64,000 as Iran–US Ceasefire Talks Offset Strait of Hormuz Tensions

TL;DR

• Permanent ceasefire talks open in Switzerland, but Iran's order to close the Strait of Hormuz again revives the risk the deal was meant to settle.

• Bitcoin has been hovering around $64k as the broader market remains bearish. 

BTC Stabilizes After Friday Sell-Off

Bitcoin traded steadily near $64,000 over the weekend, recovering part of Friday’s losses as traders balanced optimism around upcoming US–Iran ceasefire discussions against renewed geopolitical risks tied to the Strait of Hormuz.

The world’s largest cryptocurrency was priced around $64,200 on Sunday, down 0.08% over 24 hours. 

Despite the weekend rebound, BTC remains roughly flat on the week after briefly dipping below $63,000 on Friday amid broader risk-off sentiment.

Most major cryptocurrencies followed a similar pattern of stabilization after midweek volatility.

Ethereum rose 0.5% on the day and is up 3.3% over the week, trading at approximately $1,734.

Solana gained 1.5% to $73, while Tron advanced 1.2%. Hyperliquid’s HYPE token bucked broader market weakness, slipping 2% on the day but still posting a strong weekly gain of 14.8%.

Dogecoin, however, lagged behind major assets, falling 4.9% over the past seven days as meme coin momentum weakened.

Overall, crypto markets remain largely range-bound, with short-term movements driven more by macro and geopolitical developments than sector-specific catalysts.

Markets Focus on US–Iran Talks in Switzerland

Attention is now shifting to Switzerland, where US and Iranian officials—including US Vice President JD Vance—are expected to begin negotiations aimed at establishing a permanent ceasefire, according to Bloomberg.

The talks follow a memorandum of understanding signed by President Donald Trump last week, which introduced a 60-day framework for de-escalation, with the option for extension depending on progress.

Traders are closely watching the outcome, as it could significantly influence global risk sentiment and energy markets.

Despite diplomatic progress, uncertainty remains high. Iran has reportedly issued renewed directives to consider closing the Strait of Hormuz, a critical global oil shipping route. 

The same agreement that initially helped ease tensions last week contributed to a roughly 9% drop in oil prices and supported risk assets, including cryptocurrencies.

However, Tehran’s continued threats to shut the strait again have reintroduced volatility, effectively offsetting the optimism generated by the ceasefire framework.

The conflicting signals have left Bitcoin largely directionless, reinforcing its recent pattern of trading within a tight range.

Earlier in the week, BTC rallied on news of the Iran agreement, only to reverse course during Friday’s broad risk-off move before stabilizing over the weekend.

Analysts note that a full closure of the Strait of Hormuz would likely drive oil prices higher and pressure risk assets such as Bitcoin. 

Conversely, a durable ceasefire agreement could ease geopolitical uncertainty and provide support for broader market recovery.

For now, crypto markets remain sensitive to external macro developments, with traders awaiting clearer direction from geopolitical negotiations rather than internal crypto catalysts.