Bitcoin Reclaims $64K as Market Awaits Strait of Hormuz Deal

The cryptocurrency market has been volatile over the past week, but Bitcoin's price is now stable above $64,000. After testing the $62,000 support level several times since August began, BTC weathered the storm and reclaimed its position above $64,000.

The US Federal Reserve FOMC meeting brought intense volatility to the market, with BTC slumping from $65,600 to $62,800 before the event. However, after a rebound attempt was halted at $63,200 on Saturday evening, the bulls finally intervened and helped BTC surge to $64,000 by the end of the day.

The recovery continued in the past 24 hours as reports suggested an upcoming deal for the reopening of the Strait of Hormuz. In contrast to most larger-cap alts, which have produced contracting performances over the past day, Zcash and Hyperliquid's token (HYPE) have posted notable gains.