Bitcoin Tests $65K Resistance Amid Easing Hormuz Concerns
Bitcoin's price is testing its resistance at $65,000 after reaching an intraday high of $64,999 on August 6. The move was supported by easing concerns over the Strait of Hormuz and improving technical momentum from the low-$62,000 region.
The rebound follows reports of progress between Iran and Oman on a shipping route through the Strait of Hormuz, which has not guaranteed a permanent reopening of the waterway but may reduce risks to global energy supplies. Lower oil prices can support crypto assets by easing inflation pressure.
However, Bitcoin's recovery is still lagging behind the recent U.S. equity rally, with the S&P 500 gaining more than 3% in August while Bitcoin added about 2%. Concerns surrounding corporate treasury sales and the COLDCARD wallet exploit have limited the recovery.