Investing.com — Bitcoin traded above $64,000 on Sunday, recovering from last week’s dip as investors monitored U.S.-Iran negotiations in Switzerland and signs of continued bullish positioning in crypto derivatives markets.

The world’s largest cryptocurrency was trading up 1.05% at $64,070.6 as of 04:25 ET (08:25 GMT). The recovery came as U.S. and Iranian officials opened talks aimed at securing a permanent ceasefire following last week’s memorandum of understanding between the two countries.

Markets remain focused on developments surrounding the Strait of Hormuz after Iran renewed threats to close the key shipping route despite sending negotiators to Switzerland.

A durable agreement could support risk assets, while…