Bitcoin traded above $64,600 on Aug. 18 as investors balanced improving crypto price action against a worsening geopolitical backdrop involving the United States, Iran and the Strait of Hormuz.
BTC was changing hands around $64,611, up approximately 0.6% from its previous close.
The cryptocurrency moved between an intraday low of $64,005 and a high of $64,926, bringing the psychological $65,000 threshold back into focus without producing a confirmed breakout.
The recovery came as President Donald Trump said Washington was not holding negotiations with Iran and had no talks scheduled.
Trump Says U.S.-Iran Negotiations Are Not Happening
In an Aug. 18 Truth Social post, Trump rejected reports suggesting that Washington and Tehran were involved in talks that could lead to another temporary agreement.
He said the U.S. naval blockade remained in effect while also stating that the Strait of Hormuz was open and operating.
Trump further said that all water mines in the passage had either been removed or detonated.
Iran disputed that account.
Tehran Says Hormuz Will Stay Restricted
Iranian chief negotiator Mohammad Baqer Qalibaf said Tehran would continue restricting the waterway until the United States met conditions contained in an interim agreement signed in June.
According to the source, those conditions include lifting the U.S. blockade on Iranian ports.
Iran is also seeking the removal of oil sanctions.
Other demands include the release of frozen Iranian assets and an end to U.S. military threats and operations.
June Agreement Has Expired
The memorandum signed on June 17 created a 60-day negotiating period aimed at reaching a broader agreement.
That broader framework was expected to include Iran’s nuclear program.
The negotiating window has now expired.
No extension has been announced.
That leaves the two sides publicly presenting very different versions of the current diplomatic situation.
Trump Says Hormuz Is Open, Shipping Data Says Otherwise
Trump’s statement that Hormuz is operating normally conflicts with recent shipping activity.
Some vessels are still moving through the strait, but traffic remains sharply below prewar levels.
Reuters reported limited activity and a recent incident in which a ship was struck by an unidentified projectile.
Data cited by Fox News showed 28 confirmed crossings from Friday through Sunday.
Before the war began in February, approximately 130 ships crossed the passage each day on average.
Shipping Restrictions Remain Economically Important
The Strait of Hormuz carried roughly one-fifth of global oil and liquefied natural gas supply before the conflict.
That makes any sustained disruption a major issue for energy markets.
Restrictions can reduce effective crude availability.
They can also raise shipping and insurance costs.
For consumers and businesses, those effects can eventually appear through higher energy and transportation expenses.
Oil Remains Above $91
The geopolitical tension is already visible in energy prices.
Brent crude rose 0.7% to $91.46 per barrel.
U.S. West Texas Intermediate gained 0.9% to $85.25.
Oil advanced for a third consecutive session.
That creates a more difficult macroeconomic backdrop for risk assets even as Bitcoin attempts to recover.
Higher Oil Can Feed Into Inflation
For U.S. investors, rising energy prices matter beyond the commodity market.
More expensive fuel and transportation can contribute to inflation.
Inflation remains an important factor in Federal Reserve decisions.
If price pressures remain elevated, interest rates could stay higher for longer or the probability of further tightening could increase.
That environment can reduce demand for risk-sensitive assets, including Bitcoin and technology stocks.
Bitcoin Has Already Reacted to Hormuz Stress
Earlier in August, Bitcoin came under pressure when tanker attacks around Hormuz pushed energy prices higher and supported the U.S. dollar.
BTC fell as low as $62,466 on July 31 after failing to hold above $65,000.
The $62,000–$63,000 region subsequently became an important technical area on the four-hour chart.
The current move has brought Bitcoin back toward the same resistance that rejected it previously.
$65,000 Is Still Unbroken
Bitcoin’s intraday high reached $64,926.
That left the market only slightly below $65,000.
However, a sustained move above that level has not yet occurred.
The distinction matters.
A brief approach to resistance is different from establishing support above it.
For now, $65,000 remains the immediate technical test.
U.S. Equities Stay Under Pressure
Bitcoin’s recovery also occurred while U.S. stocks weakened.
The Nasdaq Composite fell around 1.4%.
The S&P 500 lost approximately 0.6%.
The Dow Jones Industrial Average slipped 0.1%.
This divergence shows that Bitcoin was able to hold relatively firm even as broader risk sentiment remained weak.
Treasury Yields Add Another Headwind
Bond yields also rose.
The 10-year U.S. Treasury yield reached 4.72%.
The 30-year yield climbed to 5.33%, its highest level since 2007.
Higher long-term yields can make risk assets less attractive because investors can earn stronger returns from government bonds.
They also increase borrowing costs across the economy.
Strategy Stops Selling Bitcoin
Another factor supporting market sentiment was the absence of new Bitcoin sales from Strategy.
The company is the largest publicly traded corporate holder of BTC.
According to an Aug. 17 filing with the U.S. Securities and Exchange Commission, Strategy made no Bitcoin purchases or sales between Aug. 10 and Aug. 16.
Its holdings remained at 840,447 BTC.
Strategy’s Cost Basis Remains Above Market Price
The company acquired its Bitcoin for an aggregate cost of $63.36 billion.
Its average purchase price is $75,385 per BTC.
That remains well above Bitcoin’s current market price near $64,600.
The difference shows that Strategy is currently holding its position below its average acquisition cost.
The Pause Ends Two Weeks of Disposals
The latest filing followed two consecutive weeks in which Strategy sold Bitcoin.
During the previous week, the company sold 1,690 BTC for approximately $108.6 million.
One week earlier, it sold roughly $105 million worth of Bitcoin.
The absence of another sale reduced a recent source of supply pressure.
Strategy Raised Capital Without Buying More BTC
The company still remained active in capital markets.
It raised $333.7 million by selling 3.46 million common shares during the week.
However, it did not use those proceeds to acquire additional Bitcoin.
Instead, Strategy increased its U.S. dollar reserves and repurchased preferred shares.
STRC Buyback Reached $132.2 Million
Strategy said it repurchased approximately $132.2 million of STRC preferred stock during the week.
That suggests the company is currently balancing liquidity, capital structure management and its Bitcoin position rather than continuing an uninterrupted accumulation strategy.
Because Strategy trades on Nasdaq under the MSTR ticker, these decisions matter to investors who use the stock as indirect Bitcoin exposure.
Washington Crypto Policy Returns to Focus
Bitcoin traders are also watching a White House meeting scheduled for Aug. 19.
Expected participants include representatives from Coinbase, Ripple, a16z, Chainlink, Paradigm, Kalshi and the Digital Chamber.
SEC Chair Paul Atkins and CFTC Chair Michael Selig are also expected to participate.
The administration had not published a formal agenda at the time of the source.
Trump’s Attendance Was Not Officially Confirmed
Trump had also not been formally announced as a participant.
Semafor reported that he was expected to attend.
Until the White House confirms the final list and agenda, the significance of the meeting remains uncertain.
Even so, the gathering puts federal crypto regulation back into the immediate policy calendar.
The CLARITY Act Remains Stalled
The Digital Asset Market CLARITY Act is still stalled in the Senate.
The bill would divide federal oversight between the SEC and CFTC.
Qualifying digital commodity spot markets would fall under CFTC oversight.
Crypto securities would remain under the SEC.
The House passed its version in July 2025 by a 294–134 vote.
Senate Disagreements Have Slowed Progress
Senate negotiations have been delayed by disagreements involving government ethics, decentralized finance, stablecoin rewards and financial crime controls.
Prediction-market expectations have deteriorated.
Polymarket traders placed the probability of the bill becoming law in 2026 at around 20% on Aug. 17.
Earlier in the year, the probability had exceeded 80%.
Rate-Hike Expectations Have Also Shifted
Polymarket placed the probability of at least one Federal Reserve rate increase in 2026 at 49%.
That was down from a recent level above 60%.
Earlier in August, rate-hike odds reached 64% after Minneapolis Fed President Neel Kashkari warned that inflation remained too high.
The Federal Reserve held its target range at 3.50%–3.75% in July.
Three officials supported a quarter-point increase.
Bitcoin Is Balancing Several Competing Forces
The current setup is therefore unusually mixed.
Bitcoin has recovered toward $65,000.
Strategy has stopped selling.
Washington has another crypto-policy meeting approaching.
At the same time, oil remains elevated, Treasury yields are high, U.S. equities are under pressure and the Iran conflict remains unresolved.
That combination makes the $65,000 test particularly important.
Conclusion
Bitcoin held near $64,600 on Aug. 18 despite renewed geopolitical pressure from the U.S.-Iran conflict and continued uncertainty around the Strait of Hormuz.
Trump said no negotiations with Iran were underway, while Tehran maintained that the waterway would remain restricted until Washington met conditions from the expired June agreement.
Oil remained above $91 per barrel, Treasury yields rose and equities weakened, but BTC still approached $65,000.
Strategy also paused Bitcoin sales after two consecutive weeks of disposals.
Final Takeaway
Bitcoin’s resilience near $64,600 is notable, but the market has not yet cleared its immediate technical barrier. A sustained move above $65,000 would strengthen the recovery, while continued geopolitical tension, elevated oil prices and higher bond yields remain significant macro risks. The next move will depend on whether crypto-specific support can outweigh the pressure coming from energy markets, interest rates and the unresolved Iran conflict.
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