Qatar Says US-Iran Deal Draft Is Ready, Bitcoin Extends Recovery

Bitcoin rebounded on Tuesday following Qatar’s confirmation that mediators are diligently pursuing talks between the United States and Iran.

Bitcoin Gains Amid Qatar Signaling At US-Iran Deal

The BTC price surged from the $63,500 level earlier in the day. At press time, the Bitcoin price stood at $63,869.08 with a 1.97% 24-hour gain on Tuesday, August 4.

The gains were the result of investors keeping an eye on geopolitical news in the Middle East. Mediators are working to facilitate talks between Washington and Tehran in Qatar, Majed Al-Ansari, Foreign Ministry spokesman in Doha, said at a press conference.

He said Qatar maintains a “clear position,” calling for “a return to the normal situation” in the Strait of Hormuz.

Al-Ansari also cautioned that “There is currently no clear timeline for reaching an agreement.” He added that he hopes a US-Iran deal will be completed “as soon as possible.”

He further stated, “What matters to us now is the resumption of negotiations, and to achieve this, a ceasefire and the reopening of the Strait of Hormuz must be guaranteed.”

Al-Ansari has said Qatar, Pakistan and Oman are doing their best to facilitate the talks. The three nations are supporting talks and the sharing of proposals between the US and Iran, he said.

The spokesman also commended Oman’s diplomatic efforts. He said Muscat has played “a very important and significant role in the past couple of weeks.”

What’s Happening With BTC Price?

Traders seemed to be pleased with the latest diplomatic developments, with Bitcoin showing a positive response. Lower tensions in the Strait of Hormuz could help quell worries about global energy supplies and other market risk. That has helped to drive demand for risk assets, such as cryptocurrencies.

Bitcoin bottomed at the $62,400-$62,500 support zone and is on the move up on the price chart. Purchasers came in with force from there, causing a big rally above $63,500. The upward turn offset a significant part of the downturn.

Bitcoin came into a phase of consolidation after the breakout. Buyers continued to hold on to recent gains as it ranged between $63,500 and $64,000. The new candles are making higher lows, indicating demand remains steady after the recovery.

There is immediate resistance at $64,000, which is where the previous rallies were halted. A continuation of the upward trend here may be a chance for another rally. The negative is the $63,500 level, which is the first support following the lows of the previous session.

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