Bitcoin Surges Past $65,000 as Tensions Ease, But Analyst Warns of Undervalued Market
Crypto markets experienced a brief respite following eased tensions between the US and Iran. As military clashes subsided for a second consecutive day, Bitcoin surged above $65,000, while Ethereum climbed over 4% to surpass $1,960.
This uptick in prices also benefited other major altcoins such as Solana and XRP, which gained between 1% and 2%. However, international oil prices took a hit, plummeting by approximately 5%.
The next critical week for crypto markets is upon us, with the Federal Reserve set to announce its July interest rate decision on Wednesday. This development will be crucial in determining whether Bitcoin's recent uptrend continues or falters.
CryptoQuant analyst Axel Adler provided insight into the current state of the market. He noted that Bitcoin's MVRV Z-Score, a valuation benchmark, has plummeted to a multi-year low but remains above negative territory. According to Adler, this indicates that while selling pressure is decreasing, widespread capitulation has not yet occurred.