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▲ Bitcoin (BTC), Gold/AI-generated image
Bitcoin (BTC) and gold are preparing for an upward breakout together amid expectations of negotiations for the reopening of the Strait of Hormuz.
According to cryptocurrency media outlet FXStreet on August 5 (local time), gold rose more than 4% in a single day, reaching around $4,250. Bitcoin also moved towards the $65,000 resistance level. Geopolitical tensions eased as U.S. President Donald Trump stated that “much progress has been made” in negotiations for the reopening of the Strait of Hormuz.
President Trump also hinted that the results of the negotiations could be announced as early as Wednesday. CNN, citing senior officials in the Gulf region, reported that the possibility of strategic negotiations between Iran and Oman leading to an agreement was “50-50.” However, Iranian state media stated that the agreement with Oman was “unrelated” to the reopening of the Strait of Hormuz.
Investor sentiment in the cryptocurrency market also showed a slight recovery. The Fear & Greed Index rose from 25, an extreme fear zone, to 28, a fear zone, the previous day. Bitcoin secured the upper boundary of its descending parallel channel at $64,405 as support near $64,540 but remained below the 50-day exponential moving average (EMA) of $64,659.
The Relative Strength Index (RSI) was 53, indicating a slightly bullish trend from neutral. The Moving Average Convergence Divergence (MACD) remained in negative territory, limiting the strength of the rebound. If Bitcoin surpasses $64,659, the next resistance level is indicated at $65,604, where the Parabolic SAR is located. The upper resistance level preventing further gains is the 100-day EMA at $67,096.
Gold showed stronger technical momentum than Bitcoin, trading above its 50-day EMA of $4,187. The MACD turned positive, and the RSI rose to 61. However, the 200-day EMA at $4,279 and the 100-day EMA at $4,316 remained as consecutive resistance levels.
[Key Summary of the Article]
-Bitcoin and gold showed an upward trend amid expectations of negotiations for the reopening of the Strait of Hormuz.
-Bitcoin needs to surpass $64,659 and $65,604 consecutively to strengthen its short-term breakout trend.
-Gold rose more than 4%, with $4,279 and $4,316 presented as key resistance levels.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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