.png){kind=logo}
Bitcoin price recovered toward $63,500 on Sunday after the United States cancelled planned military strikes against Iran. The move followed a diplomatic push involving Middle Eastern governments.
Bitcoin had fallen near $62,200 on Saturday as renewed conflict fears pressured risk assets. It then gained about $1,500 after President Donald Trump announced the pause. BTC traded around $63,450, up 0.65% over 24 hours, while the broader crypto market rose 0.50%.
Trump said the United States had prepared action but agreed to stop the planned attack. He said Iran and regional governments requested time to pursue an agreement.
The proposed framework seeks the immediate reopening of the Strait of Hormuz. It also covers Iran’s nuclear programme and a wider halt to hostilities. Trump said the military was still “locked and loaded" while talks aimed to “rapidly make a deal". Israel also backed the pause, according to his statement.
However, the announcement does not confirm a completed agreement. Iran had not publicly accepted the proposed terms when reports appeared. The Strait also stayed closed, leaving shipping and energy markets exposed to further developments.
Bitcoin still reacted within hours as traders reduced positions linked to renewed escalation. Similar de-escalation announcements have supported crypto prices during the conflict. Yet previous agreements broke down, which kept the latest recovery measured.
The Bitcoin price gain slightly exceeded the crypto market’s 0.50% advance. That close link suggests the move followed broader market direction rather than fresh Bitcoin demand. No new major negative event appeared during the rebound. Selling pressure also eased after the earlier fall. Thin weekend trading likely increased the speed of the move from $62,200.
Meanwhile, derivatives activity cooled. Data cited by CoinMarketCap showed total crypto open interest falling 27% over 24 hours. Bitcoin liquidations also dropped 40% to about $54 million.
Lower open interest can reduce pressure from crowded leveraged trades. It can also limit forced selling after sharp price changes. Here, reduced leverage gave Bitcoin room to recover from nearby support.
Even so, the bounce has not erased concerns around exchange-traded fund outflows and weak institutional demand. Those issues weighed on Bitcoin before the Iran announcement. Geopolitical news provided the immediate trigger, but market flows may decide whether the gain lasts.
Bitcoin traded above its seven-day simple moving average near $63,352. It also held above the $63,150 Fibonacci support identified in the market brief.
A sustained move above $64,000 would place buyers above the current trading range. Failure to hold $63,150 could expose the $62,000 area again. Sunday’s intraday range reached $63,541 and fell to $62,280.
Additionally, traders are watching the August 14 deadline for second-quarter Form 13F filings. Managers controlling at least $100 million in eligible securities must report quarterly holdings to the Securities and Exchange Commission.
Those filings may show changes in institutional Bitcoin ETF positions through June 30. However, the reports carry a delay and may not reflect current holdings.
Bitcoin now sits between geopolitical relief and cautious market positioning. The next move depends on reopening Hormuz, lower military risk, and a clear break from the current range near term.
