Bitcoin remains steady near $64,000 as renewed threats from Hormuz overshadow US-Iran ceasefire discussions. The cryptocurrency market showed resilience over the weekend following a sell-off on Friday, with bitcoin recovering towards $64,000. Permanent ceasefire negotiations commenced in Switzerland, yet Iran’s directive to once again close the Strait of Hormuz raises concerns about the stability of the deal intended to resolve ongoing tensions.

— Over the weekend, Bitcoin fluctuated around $64,200, partially rebounding from Friday’s decline while leaving the weekly prices largely unchanged.

— The majority of major cryptocurrencies experienced a rebound, with ether, solana, and tron recording weekly gains, whereas dogecoin lagged behind, and Hyperliquid’s HYPE emerged as the week’s top performer.

— Investors are closely monitoring the US-Iran ceasefire discussions in Switzerland alongside Iran’s renewed threat to close the Strait of Hormuz, events that could significantly impact oil prices and broader risk assets, including bitcoin.

Bitcoin stabilized near $64,000 over the weekend, recovering some of Friday’s losses, as traders balanced the initiation of US-Iran ceasefire talks against the revived threat to the Strait of Hormuz.

On Sunday, the token was trading around $64,200, marking a 0.9% increase over the last 24 hours but remaining relatively flat for the week, according to Decryptnews data, after dipping below $63,000 on Friday. Most major cryptocurrencies showed similar stabilization.

Ether increased by 0.5% on the day and 3.3% for the week, reaching $1,734, while solana rose 1.5% to $73 and tron gained 1.2%. Hyperliquid’s HYPE experienced a 2% drop on the day but remains the standout performer of the week, up 14.8%. Dogecoin was the weakest major performer, down 4.9% over the past week.

Bitcoin’s overall movement this week has been minimal, initially rallying in response to the signed Iran deal, then experiencing a sell-off on Friday in a broader risk-averse trend, and finally stabilizing over the weekend.

The weekend’s attention turns to Switzerland, where US and Iranian officials, including Vice President JD Vance, are set to begin discussions on a permanent ceasefire, as reported by Bloomberg.

These negotiations follow a memorandum of understanding signed by President Donald Trump last week, establishing a 60-day window that could be extended.

However, the situation remains precarious. Iran has issued a renewed directive to shut the Strait of Hormuz, a critical shipping channel whose reopening under the deal led to a nearly 9% drop in oil prices last week, providing a boost to risk assets.

Tehran is sending negotiators to Switzerland even while threatening to reclose the strait, leaving the market grappling with the same uncertainty that the signed deal was supposed to alleviate.

This keeps cryptocurrencies in a familiar pattern, constrained and awaiting developments beyond their control.

Consequently, a genuine closure of Hormuz could push oil prices higher and likely drag down risk assets, including bitcoin, while a lasting ceasefire could alleviate the current overhang.