Bitcoin fell below $65K as US-Iran tensions pushed oil toward $100 and raised Fed rate-hike odds to 40%, with ETH also declining 1.4-3.4%.
Macro & Markets ·
Bitcoin declined below $65,000 on Thursday as escalating US-Iran tensions pushed oil prices toward $100 per barrel and lifted bond yields. Exchange data showed BTC trading between $63,700 and $65,400, with Ethereum ranging from $1,858 to $1,880, both down roughly 1.4% to 3.4% for the day. Simultaneously, odds of a Federal Reserve rate hike in July climbed toward 40%, compared with 12% the previous week.
The market stress stemmed from broader financial tightening as oil markets rallied and US bond yields spiked to 18-month highs. Stock markets also retreated, with the S&P 500 falling 1.2% and the Nasdaq dropping 2.2% by the New York close. Rising yields and inflation expectations typically weigh on higher-risk assets including cryptocurrencies.
Traders remain split on near-term Bitcoin direction. Some analysts point to the 21-day moving average near $64,073 as critical support, with a $68,000 resistance zone marking a potential breakout level. Others argue the relief rally may end by late July, while contrarian voices suggest price could move toward $70,000 if the local level clears.