Bitcoin Jumps Above $65K as U.S.-Iran Pause Eases Inflation Fears

The recent pause in U.S.-Iran military strikes has given Bitcoin a much-needed relief boost, pushing its price above $65,000. The temporary halt in hostilities led to a significant drop in oil prices, with Brent crude falling by over 7% to around $83.

This easing of inflation fears ahead of the July 29 FOMC meeting has helped lift the total crypto market cap by approximately 1.41%. A sharp short squeeze also contributed to Bitcoin's rise, forcing over $312 million in liquidations across 87,456 traders.

The current cycle is already at day 827 since the last halving, suggesting that a possible final bottom may form within the next two months. According to Alphractal CEO Joao Wedson, Bitcoin has historically taken around 900 days from each halving to the bottom of the following bear market.