Bitcoin Faces Weekend Volatility Between $60K and $70K

Bitcoin is trading near $65,000 as investors weigh two major signals. A weak jobs report released this week suggests the Federal Reserve might hold off on interest rate hikes, which is typically a positive sign for crypto. Meanwhile, whales have added over 20,000 BTC to their holdings since late July, and spot ETFs are seeing their strongest demand since April. Despite these signs of strength, the price remains stuck below a stubborn resistance level near $69,000.

While the market looks for a breakout, tension is building near the Strait of Hormuz. Iran is considering new measures that could block hostile vessels, threatening a large portion of the global oil and gas supply. Because traditional financial markets are closed over the weekend, Bitcoin often acts as a proxy for investors to react to global news. If oil prices climb due to these shipping concerns, inflation fears could return and weigh on risky assets.

Options markets are currently pricing in a quiet weekend, with volatility sitting much lower than earlier this year. Traders are buying put options as a safety net, focusing on the $62,000 to $63,000 range. To reach $70,000, Bitcoin would need a significant move that exceeds current market expectations, while a drop to $60,000 remains a possibility if global sentiment sours.

Investors should watch the $67,000 level for a potential breakout signal. If Bitcoin can hold its ground through the weekend despite the external pressure, it may find the momentum needed to challenge higher targets. With the legislative agenda on hold until September, the market will likely be driven by these macro forces and the battle between institutional buying and geopolitical uncertainty.