Bitcoin Eyes $66K as Stocks Rally Amid Iran War Pause

Bitcoin's price rose to near $66,000 on Monday as US stocks opened in the green amid relief over a hiatus in the US-Iran war. The Strait of Hormuz, a key global oil route currently closed, saw Tehran and Oman trying to establish mechanisms for maritime traffic.

The S&P 500 and Nasdaq Composite Index were both up by around 0.3% at the time of writing, with US WTI crude oil falling toward $82 per barrel before a modest rebound. QCP Capital noted that digital assets had generally outperformed equities in July despite a more challenging macro backdrop.

Bitcoin traders cautiously viewed the price action as fragile and preferred to see a strong move above $66,000-67,000. Crypto short liquidations spiked, nearing $250 million over a 24-hour period, according to CoinGlass data.