Bitcoin Soars Above $65K as US-Iran Tensions Ease

Bitcoin (BTC) has broken above $65,000 after tensions between the US and Iran eased over the weekend. The pause in military exchanges led to a significant drop in oil prices, which in turn reduced inflation fears and improved investor sentiment across global markets.

The US Federal Reserve's policy meeting this week is now in focus, with a one-third chance of a rate hike priced into the market. Higher interest rates tend to hurt speculative assets like cryptocurrencies by making safer investments more appealing.

On-chain data suggests that Bitcoin whales withdrew nearly $198 million worth of BTC from Kraken exchange, reducing available selling supply and adding to the recovery story.