Bitcoin Surges Past $65,000 as Tensions Ease and Oil Prices Drop

The Bitcoin price has surpassed $65,000, rising 1.2% in the last 24 hours.

This increase follows a shift towards risky assets in global markets due to easing tensions between the US and Iran.

The suspension of military strikes by the US and Iran for a second consecutive day has caused oil prices to drop sharply, with Brent oil falling to $92.19 and WTI oil to $85.

Despite this decline in energy costs providing some relief from inflation concerns, investors remain cautious ahead of the Fed meeting scheduled for July 28-29.

According to Joao Wedson, CEO of analysis firm Alphractal, Bitcoin is currently forming a bottom before its next major bull run, with historical data suggesting that the final bottom could form within the next two months.