Bitcoin fell under the $81,000 level on Saturday, extending a stretch of weekend weakness as traders stayed defensive amid geopolitical headlines, political uncertainty in the U.S. and lingering unease across crypto markets.

The world’s largest cryptocurrency fell as much as 2.2% over the past 24 hours, per CoinGecko data. Trading volumes thinned into the weekend, a setup that often leaves prices more vulnerable to abrupt moves.

Risk sentiment took a hit after reports of an explosion at Iran’s Bandar Abbas port, a key shipping hub on the Strait of Hormuz that handles roughly a fifth of the world’s seaborne oil.

While Iranian authorities said the cause was still under investigation, the incident added to already elevated tensions between Tehran and Washington, nudging investors away from riskier assets.

Political uncertainty in the U.S. also weighed on markets. A brief federal government shutdown began over the weekend after Congress failed to pass a full-year funding bill ahead of a midnight deadline. While expected to be short-lived, the lapse added to a growing list of macro concerns that have kept traders cautious.

Crypto-specific factors compounded the pressure. Bitcoin has struggled to attract sustained buying interest after a volatile January, with flows into spot bitcoin ETFs turning negative this week and derivatives markets still unwinding leverage built up late last year. The backdrop has left price action choppy and prone to selloffs during quieter trading hours.

Recent public sparring among prominent industry figures over the causes of October’s historic liquidation event has also kept nerves frayed, reinforcing a sense that confidence has yet to fully return.

For now, bitcoin remains rangebound, with traders watching whether the $80,000–$82,000 zone draws fresh demand or gives way to deeper downside if weekend selling persists.