Bitcoin Surges Past $64K as Hornuz Agreement Looms

Bitcoin's price has risen above $64,000 ahead of a possible agreement to reopen the Strait of Hormuz. The development comes after record global equities and falling oil prices failed to produce a broad crypto rally. Despite favorable macro conditions, Bitcoin lacks strong crypto-specific demand, with recent ETF inflows remaining modest compared to earlier withdrawals.

The price of Bitcoin has been consolidating around $64,000, with the upper boundary of a descending channel on the four-hour chart sitting at $64,300. Analyst Ali Martinez suggests that closing above this level could confirm a breakout and open up possible targets towards $65,500 or $66,500.

A confirmed Hormuz agreement may reduce geopolitical and inflation risks by improving shipping conditions and lowering oil prices. However, it would not guarantee a Bitcoin rally, and a weak response could indicate that investors prefer equities and other assets over crypto.