Bitcoin Defies Geopolitical Tensions to Reclaim $64,000
The Bitcoin market has regained some momentum despite geopolitical tensions between Washington and Tehran. The BTC/USD price surpassed $64,000 with a daily gain of more than 2%. This comes as US stocks fell and gold accelerated, highlighting the divergence between major markets.
US stocks declined ahead of the expiration of the 60-day ceasefire agreement between the United States and Iran. Oil prices remained stable despite the tensions. Gold rose by over 1% to reach a daily high of $4,427 an ounce, while flows into gold-backed ETFs reached nearly $12 billion as of August 13.
Derivatives funding rates reached their highest level in 20 months, indicating positive sentiment and strong long positions. Liquidations remained moderate, with $180 million over 24 hours. Bitcoin's resilience to macroeconomic tensions is notable, but QCP Capital stresses the importance of a sustained breakout from its recent range.