Bitcoin Surges Past $65K as Oil Prices Plummet Amid US-Iran Ceasefire

The ongoing conflict between the US and Iran has reached a stalemate, leading to increased risk appetite in financial markets. With airstrikes temporarily suspended on both sides, oil prices have plummeted, while equity futures are seeing gains.

Bitcoin has reclaimed its spot above $65,000, trading at around $65,500. Ether is also surging, reaching nearly $1,965 and taking the top performer among large-cap assets. Other altcoins like Solana, XRP, and Zcash are also in the green.

Vikram Subburaj, CEO of Indian crypto exchange Giottus, attributes the rally to macro developments, including the fall in Brent crude prices. However, he cautions that markets are currently pricing a 36.3 percent probability of a 25-basis-point rate increase at the upcoming Fed meeting.

Cycle analysts, such as Joao Wedson from Alphractal, see this as an opportunity for Bitcoin to form its bottom, potentially reaching a final low within the next two months based on historical patterns.