Bitcoin Surges Above $65,000 Amid Easing US-Iran Tensions

Bitcoin's price surged above $65,000 as US-Iran tensions eased, sparking a positive market reaction and potentially attracting more investors to the cryptocurrency market. The surge in Bitcoin's price is attributed to a reassessment of risk assets following the easing of tensions between the two nations.

Ethereum also rose over 4% in the last 24 hours to surpass $1,960, indicating increased market confidence in major altcoins that could drive a broader recovery in the crypto market.

CryptoQuant analyst noted that Bitcoin's MVRV Z-Score has fallen to a multi-year low of 0.42, significantly below the historical average of 1.7, indicating widespread selling pressure. However, this does not necessarily confirm the onset of a new bull cycle as strong on-chain demand and aggressive accumulation by long-term investors are still needed.