BTC Eyes $66K as Stocks Soar on Iran Strike Pause
Bitcoin (BTC) is eyeing a price of $66K as US stocks rise on news that the US has paused its strikes against Iran, and potential progress on reopening the Strait of Hormuz.
Data from TradingView showed BTC/USD spiking to near $66,000 as markets reacted to a pause in strikes between the US and Iran. This move comes after US WTI crude oil fell toward $82 per barrel but rebounded modestly.
QCP Capital noted that despite higher US bond yields, they are anticipating tailwinds for the crypto market going forward. The firm pointed out that digital assets have generally outperformed equities in July, with BTC and ETH up approximately 11.6% and 24.6% month-to-date respectively.
Crypto trader and analyst Michaël Van de Poppe highlighted that BTC was holding the 21-day and 50-day simple moving averages (SMAs) as support at $64,289 and $63,261 respectively. He noted that this is a strong signal for the markets to be betting on the long side of this asset, but it remains fragile.
Data from CoinGlass showed crypto short liquidations spiking as the market rose, with these nearing $250 million over a 24-hour period.