Bitcoin Soars Above $65K Amid U.S.-Iran Conflict Pause

The pause in U.S.-Iran hostilities has given Bitcoin a relief boost, pushing it above $65,000. The reprieve from conflict has eased inflation fears and reduced oil prices by 6%, with Brent crude falling to around $83.

The move comes ahead of the Federal Reserve's July 29 FOMC meeting, where traders expect interest rates to remain unchanged. Bitcoin rose 1.26% to $65,169 over the past 24 hours, closely tracking a 1.41% rise in the total crypto market cap.

The fragile peace agreement has also triggered a short squeeze, with around $45.88 million worth of BTC short positions being liquidated in 24 hours. This forced traders betting on lower prices to close their positions, contributing to Bitcoin's price increase.