Bitcoin slips 1.6% to $63,977 as Iran deadlock pressures crypto

Asset	24h Change	Price (9:17 p.m. EDT)
Bitcoin	-1.56%	$63,976.86
Ethereum	-2.13%	$1,874.37
XRP	-1.89%	$1.01
Dogecoin	+0.33%	$0.06992

Bitcoin fell 1.6% to $63,977 on Monday as uncertainty over US-Iran negotiations kept risk appetite in check across digital assets, with Ethereum slipping 2.1% to $1,874.37 and XRP down 1.9% to $1.01.

"Given the elevated risk and weak data, larger buys should be held back for now. Stronger cyclical entries become attractive near $51,000," CryptoQuant said, adding that Bitcoin may be approaching an acute "top formation phase" with downside risk increasing as prices climb. One analyst flagged that the "next sell-off" could come soon, with risk "predominating" on the BTC chart.

$200 Million in Longs Liquidated as Volume Surges

Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data. Bitcoin's 24-hour trading volume surged 56%, while Ethereum's jumped 70%. Bitcoin's open interest fell 0.40% over the same period, aligning with the drop in spot price, while retail and whale derivatives traders on Binance increased their BTC long exposure after the price drop.

The global cryptocurrency market capitalization stood at $2.18 trillion, down 1.35% over the last 24 hours.

Whale Accumulation Points to Stronger Hands

Blockchain research firm Santiment highlighted that Bitcoin's elite wallets — those holding at least 10,000 BTC — jumped to a six-month high, with a 7% increase over the last two months. "Smaller holders are losing share, while the largest wallets are gaining presence again. Supply is rotating toward stronger hands before the next major market fluctuation," Santiment said.

Stocks also opened the week lower, with the Dow Jones Industrial Average falling 60.95 points, or 0.11%, to close at 53,975.98, while the S&P 500 slid 0.06% to 7,753.11 and the Nasdaq Composite dropped 0.32% to 26,605.36. Iranian President Masoud Pezeshkian reportedly called for a deal with the US over the Strait of Hormuz, adding that the war "has to be brought to an end at some point."

Cryptocurrency-related stocks fell, with Strategy Inc. (NASDAQ: MSTR) closing down 2.68% and Bitmine Immersion Technologies Inc. (NYSE: BMNR) down 3.83%. Dogecoin bucked the trend, gaining 0.33% to $0.06992.

The direction of the market hinges on whether Tehran and Washington reach an accord over the Strait of Hormuz, a key shipping lane for global oil. A resolution would likely ease pressure on risk assets, while further escalation could push Bitcoin toward the $51,000 zone that CryptoQuant identifies as a stronger entry point.

This article is for informational purposes only and does not constitute investment advice.