Bitcoin traded sideways on Tuesday, oscillating between a low of $76,200 and an intraday high of $77,245 as global markets reacted to U.S. President Donald Trump’s postponement of strikes on Iran. While the announcement twice saw bitcoin surge past $77,000, momentum faded each time shortly after the cryptocurrency tapped $77,200.

Market data show that after breaching $77,200 for the second time at around 3:49 a.m. EST, bitcoin began a gradual descent to an intraday low of $76,181 about 8 hours later. A quick rally immediately followed, sending it up to $76,900 before bearish pressure forced a retreat to $76,750.

Despite the volatility, bitcoin was up 0.7% over 24 hours but down nearly 5% over seven days. The marginal increase lifted its market capitalization to $1.54 trillion, which helped push the broader crypto economy’s market cap to $2.64 trillion.

While global markets initially welcomed the postponement of the strikes, the relief rally quickly evaporated. Renewed geopolitical friction flared as media reports surfaced indicating that Iran had submitted a fresh proposal with maximalist demands. The uncertainty intensified following reports that Trump had issued a weekend deadline for Iran to agree to a deal, reigniting fears of an imminent military escalation.

That looming deadline choked out the morning’s optimism. Wall Street reversed its early gains as the trading session progressed, leaving the Nasdaq, the S&P 500 and the Dow Jones Industrial Average all flashing red by late afternoon. Meanwhile, the energy sector braced for turbulence, with West Texas Intermediate (WTI) crude tracking just below $105 a barrel.

Meanwhile, bitcoin’s flat price action on Tuesday led to a marked decrease in liquidated leveraged positions. Coinglass data shows that of the $37.6 million in liquidated leveraged positions, long bets accounted for $17.3 million. In contrast, approximately $223 million in long bets were liquidated around the same time on Monday. Overall, liquidations across the crypto market topped $175 million, a drastic decline from the more than $800 million in leveraged positions liquidated on May 18.

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