Bitcoin held near $64,000 on Monday, failing to join a rally in Asian equities even as the US and Iran agreed on a roadmap toward a final peace deal within 60 days, sending oil prices below $80. The leading cryptocurrency traded at $63,996, down 0.4% in 24 hours and 2.2% on the week, according to CoinDesk data. The muted performance contrasted with a 0.6% rise in an MSCI gauge of Asian stocks, driven by technology shares amid continued optimism over artificial intelligence.
Macro backdrop improves, but crypto stays soft
The macro environment turned friendlier after mediators Qatar and Pakistan announced encouraging progress in US-Iran talks, including a mechanism for further technical discussions and a communication line to ensure safe passage for commercial ships through the Strait of Hormuz. Brent crude fell 1.7% to around $79 a barrel as the prospect of reduced geopolitical risk weighed on oil prices. However, Bitcoin remained disconnected from the risk-on mood, with US futures also softer as S&P 500 contracts dipped 0.5%.
The peace process remains tentative. Talks had a confusing start on Sunday when Iran briefly halted them after President Donald Trump again threatened strikes if Hezbollah kept attacking Israel, before both sides agreed to a channel to prevent escalation. Bitcoin had tracked risk assets closely through previous twists in the Iran story, but this week it started flat while the markets it usually moves with climbed.
Mixed performance across altcoins
The broader crypto market showed mixed results. Solana rose 3.7% on the week to $74, and Tron added 2.2%, while Ether held roughly flat at $1,733. Losses were deeper among other major tokens: BNB fell 4.2% on the week, XRP dropped 4.3% to $1.13, and Dogecoin was the weakest of the majors, down 6.5%. Hyperliquid's HYPE, which had been a standout in early June, fell 5% on the day and cooled to a 1.9% weekly gain.
The next test for Bitcoin is whether the 60-day roadmap holds and whether crypto reconnects with the risk-on mood, or continues to drift in the range below the levels it held at the start of June. With the macro backdrop improving but crypto sitting out the rally, traders will be watching closely for any sign of a shift in sentiment.