Bitcoin coils at $64K as Hormuz reopening timeline sends S&P 500 to $70T record
Bitcoin rose to an August high near $64,176 as markets grew more optimistic that US-Iran tensions could ease and the Strait of Hormuz may reopen soon. Treasury Secretary Scott Bessent and President Trump both suggested a deal could come within days, helping push oil prices sharply lower, with WTI and Brent down about 4.8% and 4.6% to their lowest since mid-July. US stock futures also climbed, and the S&P 500 hit a new record high above 7,700 with a $70 trillion market cap. Bitcoin lagged broader risk assets and stayed rangebound below its 21-day moving average around $64,388, while hourly support held near the 50-day average. Onchain data showed strong accumulation in the $62,000–$65,000 range, with about 155,000 BTC held by buyers at those cost bases, suggesting absorption rather than capitulation. Market attention also remained on Fed policy, with traders pricing some chance of a September rate hike.
