Bitcoin has surpassed $65,000 amid easing US-Iran tensions and falling oil prices, along with Ethereum experiencing notable gains.
Bitcoin has surged past $65,000, marking a 1.2% increase in the last 24 hours, following a reduction in tensions between the United States and Iran and a decline in oil prices.
Ethereum also gained traction, climbing 4.2% to approximately $1,960, while other cryptocurrencies like Solana and XRP reported modest increases of 1-2% as noted by CoinGecko.
Impact of US-Iran Relations on Oil Prices
This week, WTI oil futures dropped significantly, down 7.2%, with current prices around $82.73 per barrel, and Brent crude following closely at $85.13 after a 7.1% decrease. The Nasdaq saw a 0.6% dip, whereas the S&P 500 experienced a slight rise of 0.05%.
The US-Iran conflict, which escalated in late February, saw temporary hostilities ease after a ceasefire in Q2, disrupted by renewed attacks until a halt was declared on July 24. Both nations have shown restraint since, contributing to the easing of oil prices.
Trader Michaël van de Poppe highlighted the potential for further oil price declines, which he believes could positively influence the cryptocurrency sector. He remarked on Bitcoin's stability above $65,000 as a sign of resilience.
Market Analysis and Future Outlook
However, some analysts caution that Bitcoin remains in a macro downtrend. Trader CryptoFrog pointed out that for Bitcoin to reverse this trend, it must close above the $65,700 mark on the weekly chart. Meanwhile, Daan Crypto Trades emphasized the need to surpass the local high of around $67,000 to target the daily moving averages between $72,000 and $73,000.
Despite the recent price movements, on-chain analyst Darkfost from CryptoQuant indicated a weak demand trajectory for Bitcoin, estimating a deficit of -127,000 BTC across spot and futures markets, which may hinder the formation of a sustainable price trend. He explained that the current stabilization might stem from seller exhaustion rather than strong buying interest.
Joao Wedson, another analyst, suggested that Bitcoin's price may be nearing a bottom, based on historical trends around halving cycles, while recent data from Glassnode noted a reversal of losses among holders from 2024-2025, potentially signaling a shift to upward price movement soon.
