Bitcoin price is trading near $64,150 over the weekend after buyers failed to hold key resistance levels.
The move came as President Donald Trump paused U.S. strikes on Iran while talks with Tehran continued. Trump said the U.S. remained “locked and loaded” but allowed backchannel diplomacy to continue after 13 straight nights of American bombing.
Donald Trump Strike Pause Shapes Bitcoin Price Reaction
Trump ordered the military to halt strikes on Friday night while senior officials maintained contact with Iranian counterparts. Vice President JD Vance and Secretary of State Marco Rubio joined the diplomatic channel, with Donald Trump saying Tehran was “getting more serious” about talks.
The president described two possible paths for the conflict, including a military exit or a negotiated deal. Earlier, he had warned of a “massive” infrastructure attack that could target Iranian bridges or power plants.
Tensions had already widened after Iran-backed Houthi rebels attacked Saudi oil tankers in the Red Sea. Brent crude moved above $100, while Iran targeted U.S. and allied installations in Jordan, Bahrain, and Kuwait.
Trump also said the U.S. would seize billions in frozen Iranian assets to cover damage to commercial ships. For Bitcoin traders, the pause reduced military escalation risk but did not remove geopolitical pressure.
ETF Outflows and Stablecoin Weakness Pressure BTC
Spot Bitcoin ETFs recorded more than $465 million in net outflows across Thursday and Friday. BlackRocks IBIT led the withdrawals, losing $212 million on Friday alone.
Those exits added selling pressure while Bitcoin struggled below the $65,000 to $67,000 resistance range. Institutional demand remained weaker during the pullback, despite the wider market watching for a diplomatic breakthrough.
Regulatory uncertainty also stayed in focus after Senate progress on the Digital Asset Market Clarity Act slowed. Bipartisan friction over crypto ethics rules for federal officials has reduced chances of passage before the summer recess.
CryptoQuant data showed stablecoin transfers to exchanges falling to multi-month lows. That decline signaled less immediately available capital for short-term buying and softer retail activity.
Bitcoin Options Data and $68K Test
Glassnode said Bitcoin options were turning less defensive as put-call ratios and short-dated skew declined. The options open interest put-call ratio fell to about 0.52 from 0.76 in late June.
Call open interest gained share relative to puts, which signaled 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 suggested 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 held around 11% to 12%.
Glassnode said near-term downside hedging was unwinding, though longer-term options still retained a defensive premium. That positioning matched Bitcoins stabilization near the mid-$60,000 range.
Consequently, Bitcoins immediate support sits between $63,800 and $64,000, which remains the nearest downside floor. A daily close below that range could expose $62,000 and $60,000 support.
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 focus toward $71,000.
The short-term holder realized price sits near $68,000, where recent buyers approach breakeven. Selling can begin before that level as holders try to exit closer to cost basis.
