In this video, we break down Bitcoin on the 4hr & 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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As of today, August 5, 2026, Bitcoin (BTC) is trading at approximately $64,137, marking a daily gain of about 0.91% to 1.1% over the last 24 hours. The cryptocurrency has recaptured the critical $64,000 psychological resistance level but continues to trade within a tight, macro-risk-dominated consolidation range.
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Bitcoin Insights Today
-De-Escalating Geopolitical Risks: Reports that the US and Iran have resumed diplomatic talks via Oman to reopen the Strait of Hormuz have significantly cooled global markets. Crude oil prices pulled back below $80 per barrel, dampening inflation fears and acting as a major bullish tailwind for risk-on assets like Bitcoin.
-Explosive ETF Net Inflows: Institutional demand has spiked dramatically. US spot Bitcoin ETFs clocked over $170 million in net inflows in a single trading day, led heavily by BlackRock's IBIT fund at $111.43 million. This influx virtually matched the entirety of July's inflows in one day, successfully absorbing local selling pressure.
-The CLARITY Act Watch: Traders are closely monitoring Washington. Senate Majority Leader John Thune confirmed that the highly anticipated crypto regulatory framework—the CLARITY Act—will receive a floor vote before the summer recess. However, prediction markets like Polymarket show odds of passage in 2026 hovering at only 30–33% due to ongoing filibuster risks and ethics disputes.
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