Bitcoin Trades Near $64,150 as Trump Pauses U.S. Strikes on Iran
Key Takeaways
- •Bitcoin traded near $64,150 after failing to hold key resistance levels amid heightened geopolitical attention.
- •President Trump paused U.S. strikes on Iran while diplomatic channels continued, though regional tensions and oil-market risks persisted.
- •Spot Bitcoin ETFs recorded more than $465 million in net outflows across Thursday and Friday, led by withdrawals from BlackRock’s IBIT.
- •CryptoQuant data showed stablecoin transfers to exchanges at multi-month lows, indicating weaker short-term buying liquidity.
- •Glassnode options data pointed to reduced near-term defensive positioning, while Bitcoin’s main resistance remained between $65,000 and $67,000.
Bitcoin traded near $64,150 over the weekend after buyers failed to maintain key resistance levels, as geopolitical developments remained a central focus for crypto markets.
The move followed President Donald Trump’s decision to pause U.S. strikes on Iran while talks with Tehran continued. Trump said the United States remained “locked and loaded,” but allowed backchannel diplomacy to proceed after 13 consecutive nights of American bombing. For crypto markets, the episode kept attention on cross-asset risk appetite, energy prices, and liquidity conditions rather than only on Bitcoin-specific catalysts.
Trump’s Strike Pause Shapes Bitcoin Price Reaction
Trump ordered the military to stop strikes on Friday night as senior officials kept contact with Iranian counterparts. Vice President JD Vance and Secretary of State Marco Rubio were involved in the diplomatic channel, while Trump said Tehran was “getting more serious” about negotiations.
The president outlined two possible outcomes for the conflict: a military exit or a negotiated agreement. Earlier, he had warned of a “massive” infrastructure attack that could target Iranian bridges or power plants.
Regional tensions had already expanded after Iran-backed Houthi rebels attacked Saudi oil tankers in the Red Sea. Brent crude rose above $100, while Iran targeted U.S. and allied installations in Jordan, Bahrain, and Kuwait. Oil shocks can feed into inflation expectations and risk management across global markets, which is why crypto traders monitored the conflict alongside ETF flows and derivatives positioning.
Trump also said the United States would seize billions in frozen Iranian assets to cover damage to commercial ships. For Bitcoin traders, the pause lowered the immediate risk of further military escalation, but geopolitical pressure remained in place.
ETF Outflows and Stablecoin Weakness Weigh on BTC
Spot Bitcoin ETFs posted more than $465 million in net outflows across Thursday and Friday. BlackRock’s IBIT led the withdrawals, with $212 million leaving the fund on Friday alone.
The outflows added selling pressure as Bitcoin struggled below the $65,000 to $67,000 resistance area. Institutional demand remained weaker during the pullback, even as broader markets watched for signs of a diplomatic breakthrough. Since U.S. spot Bitcoin ETFs have become a major regulated channel for exposure to BTC, sustained inflows or outflows are closely watched as a gauge of institutional participation.
Regulatory uncertainty also remained in focus after Senate progress on the Digital Asset Market Clarity Act slowed. Bipartisan friction over crypto ethics rules for federal officials has reduced the likelihood of passage before the summer recess.
CryptoQuant data showed stablecoin transfers to exchanges falling to multi-month lows. That decline indicated less immediately available capital for short-term buying and softer retail activity. Stablecoin exchange flows are often tracked because they can show how much dollar-linked liquidity is sitting near trading venues.
Bitcoin Options Data and the $68,000 Level
Glassnode said Bitcoin options were becoming less defensive as put-call ratios and short-dated skew declined. The options open interest put-call ratio fell to about 0.52, down from 0.76 in late June.
Call open interest gained share relative to puts, signaling reduced demand for downside protection. One-week at-the-money implied volatility stood at 34.3%, while six-month volatility reached 40.8%.
Source: Glassnode
The upward-sloping volatility curve pointed to lower near-term event risk, while longer-dated uncertainty still carried a premium. Front-end 25-delta skew dropped near 4%, while three-month to six-month skew remained around 11% to 12%.
Glassnode said near-term downside hedging was being unwound, although longer-term options still retained a defensive premium. That positioning aligned with Bitcoin’s stabilization around the mid-$60,000 range. Traders typically compare these options indicators with spot liquidity and ETF flows to separate short-term hedging changes from broader demand trends.
Bitcoin’s immediate support sits between $63,800 and $64,000, which remains the closest downside floor. A daily close below that range could expose support at $62,000 and $60,000.
Resistance remains concentrated between $65,000 and $67,000 after repeated rejection near the point of control. Bulls need a confirmed daily close above $67,000 to shift attention toward $71,000.
The short-term holder realized price is near $68,000, where recent buyers approach breakeven. Selling can begin before that level as holders try to exit closer to their cost basis.
