Bitcoin faces $70,000 breakout or $60,000 drop this weekend as Hormuz tensions rise
Bitcoin hovered near $65,000 amid two opposing macro forces. A weak July jobs report lowered September Fed hike odds and pushed Treasury yields and the dollar down, supporting risk assets. At the same time, rising Strait of Hormuz tensions and higher oil prices threatened to revive inflation concerns and offset that bullish impulse. Demand remains solid: wallets holding 10–10,000 BTC have added more than 20,000 BTC since late July, and US spot Bitcoin ETFs took in $763.7 million this week, the strongest pace since April. Still, price faces resistance near $67,300 to $69,000, where short-term holders’ cost basis sits. Options markets imply a quiet weekend, with expected two-day trading between about $63,000 and $66,400. Put buying has increased, suggesting some hedging against a larger move. The Senate delay of the CLARITY Act removes a near-term regulatory catalyst. Bitcoin may now trade as the cleanest read on whether the jobs shock or Hormuz shock dominates.
