Bitcoin Sees Price Rebound Amidst US-Iran Tensions

Bitcoin price reclaimed $65K after a week of volatility, fueled by the United States and Iran's decision to refrain from striking each other for a second consecutive day. This move came as West Texas Intermediate crude fell about 5%, easing some of the inflation pressure created by the conflict.

The immediate hurdle for Bitcoin is the July 27 high near $65,680, with more meaningful resistance sitting at the 0.382 Fibonacci retracement around $67,370. A daily close above this level would open room towards the 100-day SMA near $69,500.

However, energy markets remain a concern, as crude prices continue to influence Bitcoin through monetary policy. The Strait of Hormuz shipping disruption has not cleared, with roughly two-thirds of traffic still down.

The Federal Open Market Committee meets on July 28 and 29, with economists broadly expecting the benchmark rate to stay at 3.5% to 3.75%. A one-in-three probability is assigned to an interest rate hike this week, which could lift yields and reverse the conditions that helped Bitcoin recover $65,000.