Bitcoin approaches $67,000 as markets look past war and tariff risks

Bitcoin climbed toward $67,000 on Tuesday, putting it close to a seven-week high while U.S. stocks also held firm, according to Cointelegraph and TradingView data. For retail investors, the move shows how crypto can track broader risk appetite even when the news backdrop looks tense.

Cointelegraph reported that BTC/USD was near $67,000 at the Wall Street open, extending gains that began earlier in the day. Its market snapshot showed bitcoin at $66,563.01, up 1.72%, while ether traded at $1,927.64, up 1.47%.

Risk assets are investments, such as stocks and crypto, that tend to do better when investors are comfortable taking on uncertainty. On Tuesday, those assets rose despite several headlines that would normally push markets toward caution.

Geopolitics and tariffs failed to stop the rally

Cointelegraph said the U.S.-Iran war escalated as Iran struck Amazon facilities in Bahrain in response to U.S. strikes. The report also said the Strait of Hormuz, a key oil route, remained closed.

Oil reflected that stress more clearly than bitcoin or stocks. Cointelegraph, citing TradingView data, said WTI crude oil approached $85 a barrel, its highest level in more than a month.

Markets were also weighing possible new trade barriers. Multiple media reports cited by Cointelegraph said U.S. President Donald Trump plans to introduce new 10% international tariffs. Cointelegraph said those would come after 50% measures imposed on Canada this week.

Tariffs are taxes on imports. They can raise costs for companies and consumers, which can weigh on earnings and spending. Higher oil prices can work in a similar way by lifting transportation and energy costs across the economy.

Some traders said the market reaction showed investors were assuming the pressure would ease. Crypto Rover, a YouTube channel host, wrote on X that “Markets are pricing in peace,” according to Cointelegraph.

Caleb Franzen, creator of Cubic Analytics, also sounded comfortable with the stock setup. Cointelegraph quoted him telling X followers on Monday that he had “zero fear, concern, or worry” with S&P 500 futures looking as they did.

That confidence was not universal. Cointelegraph cited JPMorgan CEO Jamie Dimon as warning that markets were underestimating geopolitical and fiscal risks, and that he would not buy stocks or long-dated Treasurys at current prices.

Analysts focus on bitcoin’s next technical level

Bitcoin’s latest move brought attention back to chart levels watched by traders. Cointelegraph said some market participants were looking for a test of prices up to $70,000.

Keith Alan, co-founder of trading resource Material Indicators, took a more cautious view. According to Cointelegraph, Alan said a “golden cross” had appeared Monday between bitcoin’s 21-day and 50-day simple moving averages. A simple moving average, or SMA, is the average price over a set number of days or weeks, used by traders to smooth out short-term moves.

A golden cross happens when a shorter-term average rises above a longer-term average. Traders often read it as a positive signal, though it does not guarantee future gains.

Alan warned on X that bitcoin still needed to move above its 21-week SMA to challenge the broader downtrend, Cointelegraph reported. He said the bear market would remain in place until that level was reclaimed.

Cointelegraph said the 21-week SMA stood at $69,720 at the time of writing, close to bitcoin’s 2021 all-time high. Alan also said there was “no real resistance” until $67,250, according to the report.

This story draws on original reporting from Cointelegraph.