Bitcoin price nears $66K as stocks climb after US-Iran strike pause
Bitcoin followed US stocks higher Monday as traders weighed a pause in US-Iran strikes, lower oil and key support levels.
By Dev Ramirez · Crypto Correspondent
· 3 min read
The Bitcoin price moved toward $66K at the start of Monday’s US trading session, tracking a broader bounce in risk assets after reports of a pause in strikes between the US and Iran. For retail investors, the move shows how quickly crypto can respond to macro news that changes the market’s appetite for risk.
TradingView data cited by Cointelegraph showed BTC/USD jumping toward $66,000 as Wall Street trading began. US equities also rose, with the S&P 500 and Nasdaq Composite both up about 0.3% at the time of the report.
Risk assets are investments, such as stocks and crypto, that tend to benefit when investors feel more comfortable taking on uncertainty. Bitcoin often trades differently from equities over longer stretches, but on Monday it moved in the same direction as major US stock indexes.
Why did bitcoin rise today?
Markets reacted to signs that geopolitical pressure may be easing. Reports cited an Iranian foreign ministry spokesman saying Tehran and Oman were working on mechanisms for maritime traffic through the Strait of Hormuz, a major oil shipping route that was described as currently closed.
Oil prices reflected that shift in sentiment. US West Texas Intermediate crude dropped toward $82 a barrel Monday before recovering modestly, according to TradingView data cited by Cointelegraph. Lower oil prices can ease fears about inflation pressure, which can support risk-taking in stocks and crypto, though that relationship can change quickly.
QCP Capital said in its latest Market Color note that digital assets had outpaced equities during July even with a tougher macro backdrop. The firm wrote that Bitcoin and Ether were up about 11.6% and 24.6% month to date, respectively, while higher US Treasury yields and periods of risk-off trading had weighed on broader markets.
Treasury yields matter because they set a reference point for safer returns in the market. When yields rise, some investors become less willing to pay up for more volatile assets such as growth stocks or crypto.
QCP also pointed to market attention around the proposed CLARITY Act, a crypto bill still under consideration in the US. The firm said digital asset investors were watching the proposal because of its possible impact on the US regulatory framework.
Where is bitcoin support now?
Trader and analyst Michaël van de Poppe said Bitcoin had held above its 21-day and 50-day simple moving averages, which he listed at $64,289 and $63,261. A simple moving average is the average price over a set period, and traders often use it to judge whether recent momentum is holding.
Van de Poppe described that support as a positive signal for traders looking at long positions, while warning that the setup remained fragile. He wrote on X that he would prefer to see Bitcoin push into the $66,000 to $67,000 area over the next one to three days to show continued buying interest.
CoinGlass data showed crypto short liquidations rising as prices climbed, nearing $250 million over 24 hours. A short liquidation happens when traders betting on lower prices are forced out of positions, which can add buying pressure during a fast move higher.
This story draws on original reporting from Cointelegraph.
