Bitcoin fell below the $81,000 level on Saturday, extending a long weekend of weakness as traders remained defensive amid geopolitical headlines, political uncertainty in the US and ongoing turmoil across crypto markets.
The world’s largest cryptocurrency fell as much as 2.2% over the past 24 hours, according to CoinGecko data. Trading volume fell into the weekend, a setup that often leaves prices more vulnerable to sudden movements.
Risk sentiment was hit after reports of an explosion at Iran’s Bandar Abbas port, a key shipping hub on 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 heightened tensions between Tehran and Washington, pushing investors away from riskier assets.
Political uncertainty in the US also weighed on the markets. A brief shutdown of the federal government began over the weekend after Congress failed to pass a full-year funding bill by a midnight deadline. Although expected to be short-lived, the lapse added to a growing list of macro issues 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 price action choppy and prone to selling during quieter trading hours.
Recent public sparring among prominent industry figures over the reasons for October’s historic liquidation event has also kept nerves frayed, reinforcing a sense that confidence is not yet fully restored.
For now, bitcoin remains range-bound, with traders watching to see if the $80,000-$82,000 zone draws new demand or gives way to deeper downside if weekend selling continues.
