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Bitcoin price today: BTC, Ethereum firm as Hormuz talks continue; can Bitcoin rally in August?
Bitcoin and Ethereum prices rise as Hormuz talks continue and weak US jobs data supports risk assets. Can Bitcoin overcome August weakness and rally?
Bitcoin and Ethereum prices opened higher on Thursday, August 6, as investors moved back toward riskier assets while negotiations linked to Iran and the Strait of Hormuz continued. A weaker-than-expected July jobs report from ADP also helped support crypto prices by reducing expectations of a possible US interest rate increase at the Federal Reserve’s next meeting.
Bitcoin opened at $64,602.32 on Thursday, up 0.9% from Wednesday’s opening price. By 9:40 a.m. ET, Bitcoin had slipped slightly to $64,216.91. Ethereum opened at $1,906.96, up 2.1% from Wednesday’s opening price, according to Yahoo Finance. By 9:40 a.m. ET, Ethereum had moved slightly lower to $1,901.84.
Hormuz talks are helping market sentiment
One reason behind the stronger crypto prices is the latest developments around the Strait of Hormuz. Investors are watching negotiations involving Iran that could lead to a partial reopening of the important waterway.
The Strait of Hormuz is a major route for global oil shipments, so any improvement in the situation can reduce concerns about a fresh energy shock. As those concerns ease, investors may become more willing to put money into assets seen as riskier, including cryptocurrencies.
Weak ADP jobs data is also supporting prices
Another factor helping Bitcoin and Ethereum is the latest US private-sector jobs data. The ADP jobs report for July came in weaker than expected, according to the market data cited by Yahoo Finance.
A weaker jobs market can reduce expectations that the Federal Reserve will need to keep interest rates higher. Lower expectations for future rate increases can support riskier assets because investors may become more comfortable moving money away from safer investments.
Bitcoin is showing gains over the short term
Bitcoin's latest move looks stronger when compared with its recent performance. Bitcoin's opening price on Thursday was 1.1% higher than one week earlier. It was also 1.7% higher than one month earlier. However, the picture becomes much weaker when looking at the longer term.
Also read: Strategy sells 1,638 bitcoin for $105M, boosts cash reserve to $4 billion
Bitcoin is still sharply below its record high
Bitcoin remains far below the record level it reached last year. Its all-time high was $126,198.07 on October 6, 2025. At around $64,000 on Thursday morning, Bitcoin is roughly half the value of that record high. Yahoo Finance also reported that Bitcoin was 43.4% lower than its level one year earlier.
August could be a difficult month for Bitcoin
Bitcoin's recent gains come as the cryptocurrency enters a month that has historically been difficult for it. Yahoo Finance Senior Business Reporter Brooke DiPalma said August is typically a weaker month for Bitcoin.
On average, Bitcoin has fallen around 4.3% during August, according to the historical data discussed by DiPalma. There have been important exceptions. Bitcoin performed strongly during the bull markets of 2020 and 2021, when it moved higher during August.
Ethereum is performing better than Bitcoin in some recent periods
Ethereum has also shown signs of recovery. Over the past six months, Ethereum has gained about 5%, while Bitcoin has gained around 3%, according to the Yahoo Finance analysis. Ethereum was also 7% higher than one month earlier based on Thursday's opening price. Over the past week, however, Ethereum was 0.1% lower.
Ethereum is far below its 2025 record
Ethereum reached an all-time high of $4,953.73 on August 24, 2025. Its Thursday opening price of $1,906.96 remains far below that record. The cryptocurrency is now trading at less than half of that peak. Investors will therefore be watching whether improving market sentiment can help Ethereum move closer to its previous highs.
Bitcoin's August rally will depend on the broader market
The big question for investors is whether Bitcoin can continue rising through August. The answer could depend on several factors rather than Bitcoin alone. Investors will continue watching the situation around Iran and the Strait of Hormuz because any major change could affect oil prices and overall market risk.
US economic data will also remain important because it can influence expectations for Federal Reserve interest-rate decisions. If economic data continues to reduce fears of higher interest rates, riskier assets could receive more support. If geopolitical tensions rise again or investors become worried about the economy, Bitcoin could face renewed selling pressure.
Bitcoin's recent gains are encouraging, but the recovery is not complete
Bitcoin has posted positive gains over the past week and month. Ethereum has performed even better over the past month, rising 7%. However, both cryptocurrencies remain far below their 2025 record highs.
Bitcoin is also still down sharply over the past year. This makes the current move more of a recovery attempt than proof that a new major crypto rally has already started.
What Bitcoin investors should watch in August
Investors will be watching whether Bitcoin can hold above the $64,000 area after opening above $64,600. A sustained move higher could strengthen hopes of a larger recovery. A return to selling pressure could put the recent gains at risk.
The Federal Reserve's interest-rate outlook will remain a key factor for markets. US jobs and inflation data could influence those expectations. Developments around Iran and the Strait of Hormuz could also affect investor confidence. At the same time, Bitcoin's historically weak August performance could make the month more difficult.
The bigger question: Can Bitcoin rally in August?
Bitcoin has started August with some positive momentum. It is higher than it was one week and one month ago. Ethereum has also posted stronger monthly gains. Improving sentiment around the Strait of Hormuz negotiations and weaker US jobs data have given risk assets some support. But Bitcoin remains far below its October 2025 record and has had a weak year overall.
August has also historically been a difficult month for Bitcoin, with an average decline of about 4.3%, according to the Yahoo Finance analysis. The key test now is whether Bitcoin can turn its early August gains into a sustained recovery. For now, investors appear more optimistic, but the cryptocurrency still has a long way to go before it returns to its previous record high.
