Bitcoin Surges Near $66K Amid Iran Strike Pause and Oil Market Rebound
Bitcoin's price is hovering near $66,000 as US stocks open higher on Monday, following a pause in strikes between the US and Iran. The Strait of Hormuz, a key global oil route currently closed, has seen Tehran and Oman attempting to establish mechanisms for maritime traffic. This development has contributed to relief among investors, causing US WTI crude oil to fall toward $82 per barrel before rebounding slightly.
The S&P 500 and Nasdaq Composite Index are both up around 0.3% at the time of writing. Trading company QCP Capital anticipates tailwinds for the crypto market going forward, citing the digital assets' performance in July as a positive sign. They note that Bitcoin (BTC) and Ethereum (ETH) have increased by approximately 11.6% and 24.6%, respectively, this month.
Crypto trader Michaël Van de Poppe highlights that BTC is holding its 21-day and 50-day simple moving averages as support, standing at $64,289 and $63,261, respectively. However, he expresses caution, stating that the market's bid for BTC remains fragile and would prefer to see a strong move to $66,000-67,000 over the next few days.
Crypto short liquidations have spiked, nearing $250 million over a 24-hour period, according to data from CoinGlass. This indicates increased confidence in the market's upward trajectory.