Bitcoin price has recovered above $63,600 on Monday after dipping toward $62,650 earlier in the day, as traders reacted to conflicting reports over whether the United States and Iran had extended a 60-day ceasefire framework.
A regional report said Washington and Tehran had agreed to extend the arrangement that reached its deadline on August 17. However, neither government has publicly confirmed a new extension as of press time, with the negotiation period expiring without a final peace agreement.
Bitcoin Price Rebounds as Ceasefire Extension Report Emerges
Bitcoin fell toward $62,650 during early trading before buyers pushed the price back above $63,600. The rebound brought BTC close to a local session high near $63,590, recovering much of the earlier decline as broader risk markets steadied.
During the recovery, trading activity also increased, with reported 24-hour volume reaching about $14.8 billion. The move came despite pressure from spot Bitcoin ETF flows. U.S. funds posted roughly $390 million in net withdrawals last week, reversing the prior week’s inflows and marking their heaviest weekly outflow in six weeks.
Iran’s Foreign Ministry had previously said the 60-day negotiation process never properly began, amid reports that the original deadline was expiring without a broader settlement. However, a separate report later said the U.S. and Iran had agreed to extend the arrangement, but neither side has issued official confirmation.
Strait of Hormuz Traffic Remains Severely Restricted
Amid this war tag, shipping through the Strait of Hormuz remained sharply below pre-war levels as the diplomatic deadline arrived. According to data, only five commodity vessels crossed the strait on Saturday and none on Sunday, compared with more than 130 daily ship transits before the war began in February.
The waterway previously handled about one-fifth of global oil and gas supplies. Iran has also been discussing a separate navigation arrangement with Oman, with Tehran saying talks over commercial shipping routes are continuing.
President Donald Trump added to regional uncertainty on Monday by threatening military action against Oman if it interfered with U.S. objectives involving Iran and the Strait of Hormuz. Trump also repeated that preventing Iran from obtaining a nuclear weapon remains his main goal.
Iran has maintained that reopening the strait remains tied to its conditions, including demands connected to sanctions, U.S. military activity and the wider conflict. No final U.S.-Iran settlement covering those issues had been announced.
Bitcoin Bulls Watch $65,500 Resistance
Bitcoin’s recovery keeps the $61,900-$62,500 area as the main short-term support zone. Buyers have defended that region several times, while Monday’s rebound returned BTC to the $63,500 pivot after the early-session decline.
Source: X
The next major resistance sits between $64,900 and $65,500. Bitcoin has struggled to hold above that region during previous attempts, making $65,500 the main level required for a stronger recovery. A sustained move above it could bring the $67,200-$67,500 resistance area back into focus.
However, downside risk remains tied to $61,900. According to crypto analyst Ted, a daily break below that support would expose the $59,000-$60,000 region, including falling to a support level near $59,094.
