Bitcoin Price Hits Resistance at $65K Amid Iran-Oman Shipping Route Progress

Bitcoin's price has been on the rise, reaching as high as $64,999 before settling at around $64,615. This represents a nearly 4% recovery from its low of $62,300 on August 3.

The rebound follows reports of progress between Iran and Oman over a shipping route through the Strait of Hormuz, which has eased concerns about global energy supplies. Lower oil prices can support risk assets like Bitcoin by reducing inflation pressure, but any breakdown in talks could reverse this effect.

Despite the recovery, Bitcoin still lags behind the recent U.S. equity rally, with the S&P 500 gaining over 3% during the opening days of August while Bitcoin added about 2%. Analysts are watching for a sweep above $65,000 to confirm a breakout and potentially expose $67,365 and $68,000.