Bitcoin Holds Above $64K as Hormuz Deal Comes Into Focus

Bitcoin is hovering around $64,000 as traders watch for signs of a deal to reopen the Strait of Hormuz. Easing geopolitical tensions have also pushed oil prices lower, helping improve broader risk sentiment.

Lower oil could be good news for Bitcoin. A drop in energy prices may ease inflation concerns and reduce pressure on interest rates, creating a friendlier backdrop for risk assets.

But Bitcoin still needs a catalyst to break higher. $65,000 is the first level to watch, while holding above $64,000 would keep the recent recovery intact.

A break above $65,000 could open the way toward higher resistance, while losing $63,000 would weaken the bullish setup and put the recent rebound under pressure.

For now, BTC is trading more like a risk asset than a safe haven. If oil continues to fall and geopolitical tensions ease, Bitcoin could have room to push higher.