Bitcoin eyes $66K as risk appetite returns
Easing US-Iran tensions boost crypto and traditional markets.
1Bitcoin starts week on positive note
Bitcoin attempted to build on local highs as US stocks opened in the green. BTC/USD approached $66K during the first trading session, supported by temporary de-escalation in US-Iran tensions and potential progress on reopening the Strait of Hormuz - a critical global oil chokepoint.
2Geopolitical relief fuels market optimism
Iran's foreign ministry announced joint efforts with Oman to establish maritime traffic mechanisms in the Strait of Hormuz. The key waterway's closure had pressured energy markets, with US WTI crude falling toward $82 before a modest rebound. This development eased concerns about broader supply disruptions.
3Correlation with equities persists
Bitcoin maintained its correlation with traditional markets, rising alongside the S&P 500 and Nasdaq Composite (both up ~0.3%). Despite challenging macro conditions, crypto has outperformed in July - BTC and ETH gained 11.6% and 24.6% month-to-date respectively amid periodic risk-off sentiment.
4Technical supports hold but remain fragile
Analysts noted BTC successfully defended the 21-day ($64,289) and 50-day ($63,261) SMAs as support. However, traders cautioned these levels appear vulnerable. Market participants await a decisive move toward $66K-67K to confirm sustained buying pressure in coming days.
5Short liquidations spike with price rise
CoinGlass data showed crypto short liquidations nearing $250M over 24 hours as prices climbed. QCP Capital maintained constructive outlook despite rising Treasury yields, noting digital assets' relative strength. The trading firm highlighted ongoing regulatory developments as key market focus.
6Regulatory clarity remains pivotal
Market attention stays focused on the CLARITY Act's progress, which could shape US crypto regulation. Participants monitor implications for the sector's legal framework. Analysts emphasize crypto's notable July performance against challenging macro backdrop, suggesting resilient investor interest.
Original article: Cointelegraph.com News — Bitcoin 66 bin dolar seviyesini hedefliyor