Bitcoin fell below the $81,000 level on Saturday, extending a streak of weekend weakness as traders remained on the defensive amid geopolitical headlines, US political uncertainty and persistent unrest in crypto markets.
The world’s largest cryptocurrency fell up to 2.2% in the last 24 hours, according to data from CoinGecko. Trading volumes declined over the weekend, a setup that often leaves prices more vulnerable to abrupt moves.
Risk sentiment took a hit after reports of an explosion at the Iranian port of Bandar Abbas, a major shipping hub in the Strait of Hormuz that handles about a fifth of the world’s seaborne oil.
While Iranian authorities said the cause was still under investigation, the incident added to already high tensions between Tehran and Washington, steering investors away from riskier assets.
Political uncertainty in the United States also affected the markets. A brief federal government shutdown began over the weekend after Congress failed to pass a full-year funding bill by a midnight deadline. While expected to be short-lived, the lapse added to a growing list of macroeconomic concerns that have kept traders cautious.
Crypto-specific factors compounded the pressure. Bitcoin has struggled to attract sustained buying interest after a volatile January, with flows into spot bitcoin ETFs turning negative this week and derivatives markets still unwinding leverage built up late last year. The backdrop has left the price action choppy and prone to sell-offs during quieter trading hours.
Recent public clashes between prominent industry figures over the causes of October’s historic sell-off event have also kept nerves frayed, reinforcing the sense that confidence has yet to fully return.
For now, bitcoin remains range-bound, with traders watching to see if the $80,000 to $82,000 zone attracts new demand or gives way to a deeper decline if the weekend selling persists.
