The Strait of Hormuz closure had an immediate impact on the price of Bitcoin, causing it to plummet. However, instead of panicking, the market stabilized near $64,009.
Data from historical events shows that even with oil supply concerns spiking, the long-term damage to the crypto market is limited. The current situation follows this pattern, rather than a full-blown crash.
The price of BTC currently trades within its Bollinger Bands, with an upper resistance at $64,832.23 and 50-EMA support at $63,193.93. The 200-EMA is slightly higher at $63,927.85, forming a layered support beneath the market.
The Relative Strength Index (RSI) remains neutral at 55.16, while the MACD death cross at 299.21 suggests caution in the short term. However, the overall bullish EMA alignment favors continuation towards the next price prediction target above $65,000 within two weeks.