Bitcoin Surges Above $79K as Trump Suggests Iran Conflict May End

Bitcoin's price surged above $79,000 on Monday as markets reacted to US President Donald Trump's comments on the Iran conflict. Trump wrote in a post on Truth Social that he would determine whether or not the US would engage with Iran, and that oil prices were likely to drop once the conflict was over.

Oil prices did indeed dip after Trump's comments, with US WTI crude oil falling below $100 per barrel and Brent crude trading at $105 per barrel. The S&P 500 index also turned red amid ongoing uncertainty over the fate of key oil-transit routes in the Middle East.

The Federal Reserve is set to announce its latest decision on interest-rate changes on Wednesday, with markets predicting a 25-basis-point hike to 3.75-4%. QCP Capital noted that continued high oil prices could keep the Fed restrictive, while economic data weakness from higher energy costs could argue for patience.

BTC/USD returned above its 50-week exponential moving average (EMA) at $77,430 on Monday after initially closing the weekly candle below it. This marks a key support target for Bitcoin bulls to reclaim as part of a bull-market comeback.