Bitcoin stabilized above $64,000 on Wednesday after a turbulent week that saw the asset test support near $62,000 multiple times since August began. The price recovered from a Saturday evening dip to $62,200 — the lowest in about a month — following news that US President Donald Trump called off planned strikes against Iran. Reports of an upcoming deal to reopen the Strait of Hormuz added to the bullish mood, pushing BTC back above $64,000.
Bitcoin’s roller-coaster week
The week started with Bitcoin trading near $65,600 before the US Federal Reserve’s FOMC meeting. The decision triggered a drop to $62,800, then a recovery to $65,000. But that rally fizzled Friday morning when BTC was rejected at $65,300 and slid to $62,400 within hours. The selling continued into Saturday evening, hitting $62,200 for the first time in roughly a month. Sunday’s geopolitical news reversed the slide.
Bitcoin’s market capitalization now sits near $1.290 trillion, with dominance over altcoins above 57% on CoinGecko. The total crypto market cap rose $30 billion in 24 hours to $2.260 trillion.
ZEC, HYPE, and a 12% pump
Zcash (ZEC) jumped over 6.5% to $520, and Hyperliquid (HYPE) hit $58, outperforming other large-cap altcoins. The only double-digit gainer among the tracked tokens was PUMP, which soared 12% to $0.0025. LIT, ONDO, and PI also traded in the green.
Ethereum, Binance Coin, and Solana were slightly positive on the day, but the broader altcoin market was mixed. XRP, TRX, DOGE, RAIN, ADA, XMR, and XLM all posted losses. Monero and Stellar saw the steepest declines among the group.
Geopolitical backdrop
The weekend’s price action was driven almost entirely by headlines out of the Middle East. Trump’s decision to call off planned strikes against Iran removed a near-term risk-off trigger for markets. Separately, reports emerged that a deal to reopen the Strait of Hormuz — a critical chokepoint for global oil shipments — could be finalized soon. That prospect helped lift risk assets broadly, including crypto.
The timing isn’t great for bears: Bitcoin had already been under pressure from the FOMC and a failed breakout above $65,300. The geopolitical shift gave bulls a fresh catalyst just as the $62,000 support level was being tested for the third time in a week.
Whether the Strait of Hormuz deal materializes in the coming days will likely determine if Bitcoin can hold $64,000 or retest the $62,000 floor again.
