- Bitcoin spiked near $66,000 as U.S. stocks opened higher amid a pause in U.S.-Iran strikes.
- Reports indicated progress on reopening the Strait of Hormuz, pushing WTI crude oil lower.
- BTC price action defended the 21-day and 50-day simple moving averages at Sunday’s weekly close.
- Crypto trader Michaël Van de Poppe called the support fragile, seeking a move to $66,000–$67,000.
Bitcoin (BTC) approached new local highs near $66,000 on Monday as U.S. stocks opened higher, buoyed by a pause in strikes between the U.S. and Iran and potential progress on reopening the Strait of Hormuz. Data from TradingView showed BTC/USD spiking to near $66,000, while the S&P 500 and Nasdaq Composite each rose about 0.3%.
US WTI crude oil fell toward $82 per barrel before a modest rebound, as an Iranian foreign ministry spokesman confirmed Tehran and Oman were trying to establish mechanisms for maritime traffic through the key oil route. QCP Capital acknowledged higher U.S. bond yields as a potential stumbling block but voiced anticipation of tailwinds for crypto, noting that digital assets have generally outperformed equities in July. “BTC and ETH are up approximately 11.6% and 24.6% month-to-date, respectively, even as higher Treasury yields and periodic risk-off sentiment have weighed on broader markets,” the firm wrote in its Market Color analysis.
Meanwhile, data from CoinGlass showed crypto short liquidations nearing $250 million over a 24-hour period as the market rose. Among Bitcoin traders, analyst Michaël Van de Poppe highlighted that BTC was holding the 21-day and 50-day simple moving averages as support, at $64,289 and $63,261 respectively. “This is a strong signal for the markets to be betting on the long side of this asset, however, it’s still a little fragile,” he wrote in ongoing updates on X, adding he would prefer to see a strong move to $66,000-$67,000 over the next few days to confirm sustained buying.
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