US-Iran escalation lifts oil while Bitcoin stays range-bound near 64100 dollars.

Bitcoin trades in a tight range near 64100 dollars with negligible volume and no clear breakout, leaving the structure pinned just above realized cost basis by an MVRV of 1.21.^[1][2] Exchange outflows continue without corresponding inflows, while Fear and Greed sits at 26 amid contained liquidations that reflect muted leverage rather than fresh accumulation.^[3] The overlooked contradiction is that US strikes on Iranian targets have lifted Brent toward 76 dollars and kept the dollar firm, yet equities show only marginal moves and Bitcoin registers no risk-off bid or safe-haven flow.^[4][5] Network hashrate holds near 880 EH/s and Lightning capacity stays flat, confirming operational stability without capital commitment that would signal expansion. The question that lacks a clean answer is whether renewed exchange deposits will appear before the next difficulty adjustment or before higher energy prices tighten liquidity further.