Bitcoin Trapped Between Cautious Buyers and Selling Pressure
Bitcoin's price remained near $63,000 on Monday after a slight bounce following last week's nearly 3% decline.
The cryptocurrency rose 0.7% to around $63,418.50 by 02:27 ET, but the move has done little to change the market's cautious mood.
Tensions involving Iran and uncertainty around US crypto regulation are adding pressure on Bitcoin traders.
Oil prices have risen due to the ongoing standoff involving the US and Iran around the Strait of Hormuz, pushing Brent crude close to $89 a barrel.
This has led to inflation concerns and made investors less willing to take risks, affecting high-risk assets like Bitcoin.
The weakness is also noticeable as Bitcoin failed to keep pace with recent strength in technology and artificial intelligence stocks, including chipmakers that delivered stronger earnings last week.
Bitcoin's ETFs saw nearly $390 million in weekly outflows, the biggest since early July, reducing buying pressure in the market.
The regulatory picture is also unclear, with President Donald Trump expected to attend a White House meeting on Wednesday involving his administration's innovation committee and crypto executives.