Bitcoin Surges Above $64K Amid Anticipation of Iran-Oman Shipping Deal

Bitcoin's price has climbed above $64K as traders await a possible shipping deal between the U.S., Iran, and Oman. The deal could ease oil prices further, which would normally be bullish for Bitcoin. However, the coin's muted reaction to the stock market hitting records suggests demand remains soft.

U.S. spot Bitcoin ETFs took in $19.6 million on August 4, following heavier outflows days earlier. Analyst Ali Martinez sees a close above $64,300 as key to confirming a breakout towards $65,500 or $66,500. However, BitMEX co-founder Arthur Hayes warns of an AI debt bubble and predicts Bitcoin could trade between $60,000 and $70,000 with a possible dip to $50,000.

Hayes also expects a government response to any credit crisis could later send Bitcoin above $1 million. Meanwhile, traders are watching for a confirmed Hormuz deal that can push Bitcoin above $64,300 and through resistance near $66,000.