Trump Cancels Iran Strikes, But Can One Event Move Bitcoin?

Bitcoin's price action was relatively muted after US President Donald Trump canceled planned strikes against Iran and announced that negotiations to reopen the Strait of Hormuz would begin on Monday.

The move had a more significant impact on oil markets, with Brent crude falling over 5% to around $83 per barrel, while West Texas Intermediate dropped below $80.

Bitcoin briefly reached an intraday high of $63,697 but failed to hold the advance, showing a weaker response than energy markets.

This week is expected to be pivotal for Bitcoin's price, with five major US economic releases and several corporate earnings reports on the agenda.