Key Insights
- Bitcoin price moved above $64,000 as hopes for a Hormuz agreement pressured oil.
- Donald Trump said an agreement could come soon, but major terms remained unresolved.
- Bitcoin’s three-day chart showed bullish divergence, with resistance near $83,000.
Bitcoin price moved above $64,000 on Wednesday as traders assessed possible progress toward reopening the Strait of Hormuz.
President Donald Trump said an agreement involving Iran and Oman could emerge soon. The comments reduced some supply concerns across energy markets and supported risk assets.
However, oil did not fall broadly below $75 as stated in the original draft. West Texas Intermediate traded near $75.22, while Brent crude stood around $79.45 on Aug. 5.
Bitcoin gained about 2% during the latest 24-hour period. Traders also monitored U.S. economic data, institutional demand and higher-timeframe technical signals.
Donald Trump Signals Progress on Hormuz Talks
Trump said the Strait of Hormuz could reopen soon as negotiators continued discussing an interim arrangement.
The proposed agreement involved Iran and Oman, with the United States participating indirectly in the wider negotiations.
Iran acknowledged progress toward an arrangement with Oman but denied that it was conducting direct negotiations with Washington.
Reports said negotiators were discussing an initial 60-day framework. The arrangement could establish separate routes for ships entering and leaving the Gulf while longer-term talks continued.
The draft also referred to a plan requiring both parties to clear naval mines within 30 days.
That term appeared in reporting about the proposed framework. However, the countries had not signed a final agreement, meaning the terms could still change.
Several issues remained unresolved.
Washington opposed cargo fees, while Iran sought the right to collect payments from ships using routes under its control. Oman reportedly proposed a lower fee as a compromise.
Iran also sought an end to the U.S. blockade of its ports. Washington had not publicly accepted that condition.
The negotiations therefore, represented progress rather than a confirmed reopening.
Bitcoin Price Gains as Oil Prices Decline
Bitcoin traded near $64,400 after reaching an intraday high of $64,700. The cryptocurrency recorded a low of $63,397 before buyers pushed it higher. Trading volume fell about 15%, showing that participation weakened during the advance. Investors now await further US labor reports for guidance on the Federal Reserve’s policy outlook.
Oil prices fell below $75 per barrel as traders assessed the possible reopening of the major shipping route. Crude extended its decline for a third session and lost more than 13% over the past week. Lower energy prices eased part of the inflation concern tied to the conflict.
That shift supported risk assets, including Bitcoin and major US stock indexes. Markets also tracked shipping insurance costs and tanker movements across the Gulf. Any confirmed agreement could further reduce near-term supply fears.
Long-Term Holders Add More Bitcoin
Onchain data shows that long-term holders added about 380,000 BTC over the past month. The added supply carried an estimated value of $24.3 billion at current market prices. These holders accumulated while Bitcoin price traded mainly between $60,000 and $65,000. The increase represented close to 2% of Bitcoin’s total supply.
The long-term holder spent output profit ratio also moved above one. That reading shows that older holders resumed profit-taking while demand absorbed available supply. Spot Bitcoin exchange-traded funds recorded about $381.4 million in net inflows over five trading sessions.
The inflows added another source of demand during the recent consolidation period across major trading venues. Buyers maintained interest even as short-term price action stayed confined within a relatively narrow range.
Bitcoin Technical Levels Shape the Next Move
EGRAG Crypto identified a bullish divergence on Bitcoin’s three-day chart. Price formed a lower or similar low while the relative strength index produced a higher low. The analyst said momentum could strengthen if the RSI reclaims its moving average. A move above $83,000 would provide the first major price confirmation.
Bitcoin price prediction places the next structural level near $102,000. A firm three-day close above that area could open targets near $126,000 and $171,000. The analyst also marked a possible extension toward $200,000 under stronger momentum.
However, a break below the rising yellow trend line could weaken the divergence setup. Other analysts continue to track a falling wedge on Bitcoin’s higher-timeframe chart. A daily close above $70,000 could confirm that pattern and point toward $120,000.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
