Bitcoin climbs toward $64,500 as ETF inflows and Hormuz hopes lift the market

Bitcoin keeps climbing and is now trading around $64,500, with buyers picking up steam on steady spot ETF inflows and optimism over talks to reopen shipping through the Strait of Hormuz, one of the world's key oil transit routes.

On August 4, spot bitcoin ETFs pulled in $211.49 million in net inflows, with $170.35 million going into BlackRock's IBIT alone — a sign institutional interest is returning. Technically, bitcoin closed above the 61.8% Fibonacci retracement level at $63,496 and bounced off support near $62,400-62,500, while the chart flashed a bullish SuperTrend signal — the last time this indicator triggered, on July 3, it preceded a 16% rally from $57,700 to $68,900.

“A 4-hour close above $64,300 could confirm the breakout and open the door to a rally toward $65,500 or even $66,500.”

— Ali Martinez, crypto analyst

• Spot bitcoin ETF inflows on August 4 totaled $211.49 million, with $170.35 million into BlackRock's IBIT
• The key technical level to confirm the rally is a close above $64,300
• Breaking through could open the way toward $65,500 and $66,500

Today's move continues a trend we've been tracking: earlier this morning bitcoin broke out of its sideways range on the back of ETF inflows, and the day before that the price got stuck between $62,200 and $64,000 while technical signals diverged. Today's move looks like a logical continuation of that story — the market is gradually tilting bullish, and if Hormuz optimism turns into an actual deal, the bulls will have one more solid argument in their favor.

Nothing here should be taken as financial advice — just information to consider.