Bitcoin Stays Firm at $65,200 as Oil Prices Slide and Fed Decision Looms

Monday marked a better start than recent weeks for crypto markets, which saw a boost after Washington and Tehran agreed to pause strikes over the Strait of Hormuz. Oil prices took a hit, with Brent falling by more than 7% to around $87 per barrel. Bitcoin held steady at approximately $65,200, up 1.6% from 24 hours prior.

Ether fared slightly better, rising 0.51% to reach $1,963 and getting close to its June peak of $2,000. Derivatives data suggests a mild bullish trend in positioning, with short liquidations making up the bulk of Monday's forced closures.

The market is now waiting for the Fed's decision on Wednesday, which will likely have a significant impact on inflation rates and potentially lead to a rate hike. The case for a rate hike has weakened somewhat due to crude oil prices pulling back from their recent surge.