Bitcoin fell below the $81,000 level on Saturday, extending a stretch of weekend weakness as traders remained on the defensive amid geopolitical headlines, political uncertainty in the United States and continued unease in crypto markets.
The world’s largest cryptocurrency fell 2.2% in the past 24 hours, according to CoinGecko data. Trading volumes thinned over the weekend, a situation that often makes prices more vulnerable to sharp movements.
Risk sentiment was shaken by reports of an explosion at Iran’s port of Bandar Abbas, a key maritime 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, discouraging investors from riskier assets.
Political uncertainty in the United States also weighed on markets. A brief federal government shutdown began this weekend after Congress failed to pass a full-year funding bill before a midnight deadline. Although expected to be short-lived, the disruption added to a growing list of macroeconomic concerns that have made traders cautious.
Crypto-specific factors added to the pressure. Bitcoin struggled to attract sustained buying interest after a volatile January, with flows into spot Bitcoin ETFs turning negative this week and derivatives markets continuing to unwind leverage built up late last year. The backdrop left price action unstable and prone to massive sell-offs during the quietest trading hours.
Recent public squabbles between prominent industry figures over the causes of October’s historic selloff have also kept nerves frayed, reinforcing the sense that confidence has not yet fully returned.
For now, bitcoin remains range-bound, with traders monitoring whether the $80,000-$82,000 area sparks new demand or gives way to a deeper decline if weekend selling persists.
