Bitcoin is trading near $64,196 on Wednesday as investors monitor reports that the United States and Iran are moving closer to an interim agreement that could reopen the Strait of Hormuz.
President Donald Trump has noted negotiations with Iran are progressing well, and the Strait of Hormuz could reopen soon if talks continue. According to reports, the United States, Iran, and Oman are working on a temporary 60-day shipping arrangement, although no official agreement had been announced at the time of writing.
US-Iran Talks Improve Risk Sentiment as Oil Prices Retreat
Global markets reacted positively after diplomatic discussions appeared to gain momentum. Oil prices declined as traders priced in the possibility that shipping through the Strait of Hormuz could resume. Equity markets also strengthened as concerns over energy supply eased.
Donald Trump said the negotiations had produced progress after a full day of discussions. He stated, “They had an all-day negotiation,” before adding that the Strait of Hormuz “is going to be open very soon.” He also warned that “If they back out again, they are going to get hit really hard.”
Iran also acknowledged ongoing discussions with Oman regarding shipping routes through the strait. Foreign Ministry spokesperson Esmaeil Baghaei described the talks as “positive” and said discussions remained focused on establishing safe shipping lanes while protecting the interests of both Iran and Oman.
Despite the optimism, Iranian state media reported that any agreement could face delays if the United States continues issuing military threats. That means negotiations remain active, but no final agreement has been confirmed.
Bitcoin Finds Support From ETF Demand and On-Chain Data
The improving geopolitical backdrop arrived as Bitcoin continued attracting institutional inflows. U.S. spot Bitcoin exchange-traded funds recorded more than $170 million in net inflows during the latest trading session. BlackRock's IBIT accounted for approximately $111.4 million of that total, helping offset recent selling pressure across the market.
Source: CryptoQuant
On-chain analytics platform CryptoQuant also suggested Bitcoin remains in an undervalued area based on historical market cycles. The firm's data indicates current investor participation resembles activity seen near previous cycle lows. While the indicator does not identify an exact market bottom, it suggests sentiment remains subdued despite Bitcoin recovering from recent declines.
Concurrently, analysts are monitoring developments surrounding the CLARITY Act in the United States Senate. The legislation remains scheduled for a floor vote before the August recess, although prediction markets currently assign a 30% probability of passage this year following procedural and political challenges.
Bitcoin Technical Picture Remains Neutral Below Resistance
Bitcoin price has continued trading within a narrow range around $64,200, reflecting reduced market volatility after recovering from June's decline. Price action remained close to the 20-day and 50-day moving averages, indicating neither buyers nor sellers have established a clear advantage.
Technical indicators also reflected limited momentum. The MACD remained close to the zero line, while declining trading volume suggested investors were waiting for a stronger catalyst before increasing exposure.
Source: X
Support remains between $60,900 and $62,000, where buyers have entered during recent pullbacks. Another support area sits near $58,100, marking the previous swing low.
On the upside, resistance continues between $66,000 and $67,000. A sustained move above that range could strengthen bullish momentum and increase the possibility of Bitcoin reclaiming the $65,000 level. Until either support or resistance breaks, Bitcoin is likely to remain within its current consolidation range as traders monitor both macroeconomic developments and geopolitical negotiations.
