Bitcoin Surges Past $63,815 Amid Easing US-Iran Tensions
Global market sentiment has improved following easing US-Iran tensions, which pushed crude oil prices lower and lifted equities. Bitcoin responded positively to this development, surging past $63,815 in early trading on August 3.
The price increase was a 1.41 percent gain over the last 24 hours and a 1.23 percent rise over the week. According to crypto analysts, markets are trading within a narrow range despite global equities moving higher.
Lower oil prices have reduced short-term inflation pressure, but stronger US manufacturing data has strengthened the case for the Federal Reserve to keep policy tight for longer. This may continue to restrict liquidity flows into digital assets.
Riya Sehgal, Research Analyst at Delta Exchange, noted that technically Bitcoin needs to break and hold above $64,000, $64,250 to improve momentum. Immediate support is near $62,300.