BTC Price Hopes Ride on Iran Diplomatic Breakthrough

Bitcoin's price is hovering around $64,100 as investors remain hopeful for a diplomatic breakthrough between the United States and Iran. This optimism, coupled with renewed institutional inflows, has boosted risk sentiment.

The US Treasury Secretary Scott Bessent said Washington could reach an agreement with Tehran to reopen the Strait of Hormuz by Tuesday or Wednesday and move toward a more normalized position in the conflict.

A proposed deal would reportedly establish a temporary 60-day arrangement between Oman and Iran in the Strait of Hormuz, which could reduce concerns about disruptions to global energy supplies and ease some of the geopolitical uncertainty weighing on financial markets.

Institutional demand for Bitcoin is showing signs of recovery after US-listed spot BTC ETFs recorded inflows for a second consecutive day. The products attracted $211.50 million on Tuesday, following $170.09 million in net inflows on Monday. Combined inflows for the two sessions reached $381.58 million.

The 50-day Exponential Moving Average at $64,650 is a key resistance area that Bitcoin needs to break above to strengthen its recovery and open the way toward higher resistance levels.