Bitcoin (BTC) tried to extend local highs on Monday’s move on Wall Street as US stocks opened in the green.
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Bitcoin neared local highs as the first US trading session of the week began. Stocks also opened higher amid relief over the suspension of the US-Iran war and possible progress towards reopening the Strait of Hormuz. Bitcoin’s price trend defended its two daily moving averages at the week’s close on Sunday.
Iran report gives tailwind to risk assets, Bitcoin follows stock price rise
According to TradingView data, BTC/USD soared to nearly $66,000 as the market reacted to the suspension of strikes between the US and Iran.
BTC/USD 1 hour chart. Source: Cointelegraph/TradingView
Additional reports said Iran’s Foreign Ministry spokesperson announced that Tehran and Oman were “trying to establish a mechanism for maritime traffic” through the Strait of Hormuz, the world’s key oil route, which is currently closed.
US WTI crude oil fell towards $82 per barrel on Monday, but has since rebounded slightly. At the time of writing, the S&P 500 and Nasdaq Composite Index were both up about 0.3%.
CFD on hourly chart of US WTI crude oil. Source: Cointelegraph/TradingView
Recognize potential failures such as: Rising US Treasury yieldstrading company QCP Capital announced that it expects a tailwind to blow in the virtual currency market in the future.
“Despite a more challenging macro environment, digital assets generally outperformed equities in July,” the firm said in its latest report. market color analysis.
“BTC and ETH are up about 11.6% and 24.6%, respectively, since the beginning of the month, despite rising US Treasury yields and periodic risk-off sentiment weighing on the overall market.”
QCP mentioned developments regarding the CLARITY Act, which is an important part of the proposed proposal. Cryptocurrency law Still under consideration.
“Market attention also remains on developments surrounding the proposed CLARITY Act, which digital asset participants continue to monitor given the potential impact on the U.S. regulatory framework.”
BTC Price Support Maintained but Still Fragile
There is a mix of caution and quiet optimism among Bitcoin traders regarding the price movement of Bitcoin over shorter time frames.
Related: Interest rate path still divides investors: 5 things to know about Bitcoin this week
Cryptocurrency trader and analyst Michael Van de Poppe highlighted that BTC is holding the 21-day and 50-day simple moving averages (SMAs) as support. These were $64,289 and $63,261, respectively.
“While this is a strong signal that the market is betting on the long side of this asset, it is still a bit fragile,” he wrote. Continuous updates With X.
“I would like to see the price rise significantly to $66,000 to $67,000 in the next one to three days to attract continued bidding.”
BTC/USDT 1-day chart. Source: Michael van de Poppe for X.com
data from coin glass Short interest in the cryptocurrency soared as the market rose, reaching close to $250 million in 24 hours.
BTC/USD and crypto liquidation (screenshot). Source: Coin Glass
