Bitcoin Reclaims $65,000 as US-Iran Hostilities Pause for Second Day; Oil Slides 5%

Bitcoin climbed back above $65,000 after the US and Iran held off on military strikes for a second straight day.

CoinDesk reported on July 27 that Bitcoin was trading in the $65,000 range, up about 1.2% from 24 hours earlier. Ether rose more than 3% to near $1,950, while other top-10 tokens by market capitalization, including Solana and XRP, gained 1% to 2%. International oil prices, by contrast, dropped about 5%.

The US and Iran had agreed to a temporary ceasefire earlier in the second quarter after clashes began in late February, but fighting soon resumed. Iran has reportedly signaled that it would also stop its airstrikes if the US halts its bombing campaign.

Vikram Subburaj, chief executive officer of crypto exchange Giottus, said prices are also reacting to macroeconomic trends. Brent crude has fallen 4.7%, easing some inflation concerns, but the Federal Reserve's July 28-29 meeting remains the immediate risk. The market is pricing in a 36.3% chance of a 25-basis-point rate increase. Ether's gain of more than 3% suggests some money is rotating into altcoins, but Bitcoin dominance remains at 58.6%, indicating it is still too early to call it a broad altcoin rally, he added.

Joao Wedson, founder and chief executive officer of analytics platform Alphractal, wrote on X that the stretch from Bitcoin's halving to the next bear-market bottom has lasted about 900 days in each cycle. The current cycle is already on day 827. If that pattern holds, Bitcoin is already in the process of forming a bottom, with a final low potentially emerging within the next two months.