Bitcoin Eyes $66K as Iran Conflict Pause Boosts Risk Assets
Bitcoin's price is rising as US stocks open higher on Monday following a pause in strikes between the US and Iran. The BTC/USD pair spiked to near $66,000, with data from TradingView showing the increase.
The Iran-Iraq conflict has been a major risk factor for markets, but news of a hiatus in hostilities is providing a tailwind for risk assets. The S&P 500 and Nasdaq Composite Index were both up by around 0.3% at the time of writing.
QCP Capital noted that digital assets have generally outperformed equities in July despite higher US bond yields, which could be a stumbling block for markets. However, the firm is anticipating tailwinds for the crypto market going forward.
Crypto trader and analyst Michaël Van de Poppe highlighted that BTC was holding its 21-day and 50-day simple moving averages as support. These stood at $64,289 and $63,261, respectively.