Bitcoin Stays Near $64,600 as Trump Denies Iran Negotiations
Bitcoin recovered to around $64,600 after U.S. President Donald Trump said Washington was not conducting talks with Iran. At the same time, Tehran rejected Trump’s statement that the Strait of Hormuz was open, while rising geopolitical risk kept crude oil above $91 a barrel.
The cryptocurrency was trading near $64,611, representing an increase of approximately 0.6% from the previous close. During the session, Bitcoin moved between $64,005 and $64,926, leaving the closely watched $65,000 resistance level just out of reach.
Trump and Iran issue conflicting statements
In an Aug. 18 post on Truth Social, Trump said the United States and Iran had no negotiations planned. His comments contradicted earlier reports that diplomatic contacts might lead to another temporary arrangement between the two countries.
Trump also stated that the U.S. naval blockade remained active but insisted that the Strait of Hormuz was open and functioning. He added that mines in the waterway had either been removed or destroyed.
Iran disputed that account. Chief negotiator Mohammad Baqer Qalibaf said Tehran would continue restricting passage through the strait until Washington met the conditions set out in a June interim agreement.
Those demands reportedly include ending the U.S. blockade of Iranian ports, removing oil-related sanctions, unfreezing Iranian assets, and halting American military threats and operations. The June memorandum created a 60-day negotiating period aimed at reaching a wider agreement covering Iran’s nuclear program. That period has now expired without being extended.
Shipping traffic remains far below normal
Despite the White House statement, activity in the Strait of Hormuz has not returned to normal levels. Some vessels are still using the route, but traffic remains limited, and one ship was reportedly hit by an unidentified projectile.
Data cited by Fox News indicated that only 28 confirmed crossings took place from Friday through Sunday. Before the conflict began in February, the waterway handled approximately 130 ship passages per day.
The disagreement is important because the Strait of Hormuz is one of the world’s most critical energy routes. Before the conflict, roughly one-fifth of global oil and liquefied natural gas shipments moved through the passage. Any prolonged disruption can raise crude prices, increase insurance and freight costs, and add pressure to household energy bills.
Trump previously said that Iran wanted a deal but would not accept the conditions demanded by Washington. He also shared a map describing the strait as “New U.S. Territory,” a claim Iran rejected. Tehran has maintained that the waterway will remain restricted until the United States fulfills the terms of the June agreement.
Oil prices rise as Bitcoin attempts a recovery
Brent crude gained 0.7% to reach $91.46 per barrel, while West Texas Intermediate advanced 0.9% to $85.25. Oil prices rose for a third consecutive session as traders assessed the risk of further military escalation and potential supply disruptions.
Higher energy prices can create a complicated environment for Bitcoin. On one hand, geopolitical uncertainty may encourage some investors to seek alternative assets outside the traditional financial system. On the other, expensive oil can intensify inflation, strengthen the U.S. dollar, and reduce expectations for interest-rate cuts.
Earlier in the month, attacks involving tankers near Hormuz contributed to selling pressure in cryptocurrency markets. Bitcoin dropped to approximately $62,466 on July 31 after failing to remain above $65,000. At that point, the $62,000-$63,000 range became a significant support zone for short-term traders.
Bitcoin has since moved back toward resistance, but the latest session did not deliver a decisive breakout. The high of $64,926 came close to $65,000 but failed to establish a sustained move above it. Traders may therefore continue to treat the round-number threshold as the next major test.
Wider markets remain cautious
Traditional markets also reflected concern about rates, inflation, and geopolitical developments. The Nasdaq Composite declined about 1.4%, the S&P 500 fell 0.6%, and the Dow Jones Industrial Average slipped 0.1%.
Bond yields moved higher as well. The 10-year Treasury yield reached 4.72%, while the 30-year yield climbed to 5.33%, its highest level since 2007. Rising yields generally increase the opportunity cost of holding assets that do not generate income, including Bitcoin.
For U.S. investors, the oil market is particularly important. A sustained increase in fuel, transportation, and production expenses could feed into future inflation reports. If inflation remains elevated, Federal Reserve officials may have less flexibility to reduce interest rates. Tighter monetary policy could weigh on speculative assets, technology shares, and digital currencies.
Strategy pauses its Bitcoin purchases
Bitcoin also received some support from the absence of a fresh sale by Strategy, the largest publicly traded corporate Bitcoin holder. The company paused Bitcoin sales after two consecutive weeks of selling activity.
That development may have helped ease short-term concerns about additional institutional supply entering the market. Strategy’s transactions often attract close attention because large purchases can improve sentiment, while sales may increase fears of downward pressure.
However, the company’s pause does not remove broader risks. Bitcoin remains sensitive to movements in Treasury yields, the dollar, equity markets, and global liquidity. Any renewed escalation around Iran or the Strait of Hormuz could quickly change investor positioning.
What Bitcoin traders may watch next
The immediate technical focus remains the $65,000 level. A clear break above that area could encourage further buying and shift attention toward the next resistance zone. Failure to overcome it may leave Bitcoin vulnerable to a return toward $63,000 or the earlier support near $62,000.
Market participants are likely to monitor oil prices, shipping reports, statements from Washington and Tehran, and U.S. economic data. A sharp rise in crude could strengthen inflation concerns, while a diplomatic breakthrough might reduce the geopolitical premium built into energy markets.
For now, Bitcoin’s recovery remains tentative rather than decisive. The asset is holding above recent lows, but the combination of high bond yields, fragile equity markets, expensive oil, and uncertainty around Hormuz continues to limit bullish momentum.