US-Iran Standoff Weighs on Crypto Markets as Bitcoin Awaits Breakout

Cryptocurrency markets experienced mixed results as tensions between the US and Iran continued to escalate. Despite some gains, Bitcoin's price remained stable around $65,000, while Ethereum and XRP slid lower. The global cryptocurrency market capitalization dipped by 0.10% over the last 24 hours.

Bitcoin spiked to $65,400 late evening but retreated below $65,000, with trading volume jumping 11%. Ethereum followed a similar trajectory, reaching an intraday high of $1,935.53 but failing to push beyond that level. XRP and Dogecoin traded lower.

Senate Majority Leader John Thune filed to advance the CLARITY Act, setting up a key vote for the cryptocurrency legislation when the Senate returns from its August recess in September. Over $160 million was liquidated from the cryptocurrency market in the last 24 hours, with $113 million in bearish short positions erased.

Michaël van de Poppe identified $65,800 as a critical level for Bitcoin's breakout, targeting $73,700 initially and $82,900 as a higher objective. Meanwhile, Ardi projected Bitcoin's next cycle peak between $184,000 and $230,000 if $57,000 holds as the cycle floor.