Bitcoin price around $64.000 despite Strait of Hormuz closure

The Bitcoin price is under pressure following the news that the Strait of Hormuz has been closed. The price is dropping to $64K at the time of writing, a decline of 0.3% in the past 24 hours. Yet analyst Michaël van de Poppe (@CryptoMichNL) sees this as a relatively positive sign, and he expects a breakout in the short term rather than a further major correction.

Bitcoin is available at OKX and Bybit.

Closure of Strait of Hormuz directly impacts Bitcoin

The news of the closure of the Strait of Hormuz is causing turmoil in the financial markets. As the report emerged, the Bitcoin price dropped immediately. The geopolitical tension acts as a negative catalyst for risky assets such as crypto.

Nevertheless, according to Van de Poppe, it is not that bad. Bitcoin is still hovering around $64.000, and he sees that as a positive sign. The fact that the price has not crashed sharply despite such dramatic news gives him confidence in the market’s resilience. We previously wrote about how Bitcoin in July 2026 follows a historical pattern.

Van de Poppe expects breakout above $65.000

Van de Poppe is watching the opening of the traditional markets on Monday with interest. He does not expect a major dip but rather sees opportunities. According to his analysis, a breakout above $65.000 is realistic within one to two weeks.

On the chart, it can be seen that Bitcoin has recently tested a descending trend line and is trying to climb above it. The analyst indicates that on shorter timeframes, the price must reclaim the level around $64.000 to make a bullish scenario credible. For those who want to know more about the current situation, they can also read how other analysts view the Bitcoin price around $64.000. The coming days will therefore be decisive for the direction of the market.