Bitcoin touched nearly $65,000 on August 6 after climbing almost 4% from its August 3 low around $62,300. The jump came as negotiations between Iran and Oman over the Strait of Hormuz shipping route showed progress, easing concerns that had weighed on oil prices and risk assets broadly.

At the time of writing, BTC traded around $64,615 after hitting an intraday peak at $64,999. Iran's Foreign Ministry confirmed the two countries had reached an understanding on the shipping corridor coordinates, though several details remained unresolved. The development doesn't guarantee the waterway reopens permanently, but markets took it as a positive signal. Brent crude held below $80 as traders waited to see if talks would hold, since lower energy prices typically ease inflation pressure and benefit cryptocurrencies.

Bitcoin's recovery still lags behind equities. The S&P 500 jumped more than 3% in early August while Bitcoin gained roughly 2% over the same stretch. Headwinds specific to crypto have capped the rally, including the COLDCARD wallet exploit that surfaced recently and ongoing questions about whether major corporations will continue selling bitcoin from their treasuries.

Technical Setup

On the 4-hour chart, Bitcoin trades above the Bollinger Band middle line at $64,020, with the upper band sitting at $65,221. This $65,000 to $65,220 zone marks the first real resistance. The Awesome Oscillator climbed to 1,071 and printed expanding green bars, indicating strengthening bullish momentum despite the small rejection at the intraday high.

A confirmed close above $65,220 would break through the upper Bollinger Band and potentially expose previous swing resistance near $66,000 and then the $67,365 to $68,000 targets. Liquidation clusters bunch up between $65,000 and $65,500, while downside liquidity concentrates around $63,000. If sellers crack below $63,700, the setup weakens considerably.

This analysis is informational only and should not be considered financial advice. Market conditions change rapidly, and past price movements do not guarantee future results.