Bitcoin Hits New August Highs As US-Iran Tensions Ease
Bitcoin(BTC) climbed to $64,176, marking new August highs as markets bet on easing US-Irantensions. Oil prices dropped to their lowest levels since July 13 after Treasury Secretary Scott Bessent suggested the. . .
Bitcoin(BTC) climbed to $64,176, marking new August highs as markets bet on easing US-Irantensions. Oil prices dropped to their lowest levels since July 13 after Treasury Secretary Scott Bessent suggested the Strait of Hormuz could reopen as soon as Wednesday. The S&P 500 hit a record high of 7,713, pushing its market cap to $70 trillion for the first time. BTC remains rangebound between daily moving averages, with analysts reporting “strong accumulation” among investors holding cost bases between $62,000 and $65,000. Bitcoin edged higher into Tuesday’s Wall Street open, reaching $64,176 on Bitstamp as market optimism grew over a potential de-escalation in US-Iran tensions. The move coincided with record-breaking performance in traditional markets, with the S&P 500 topping $70 trillion in market capitalization for the first time. - Advertisement -Oil prices reacted sharply after Treasury Secretary Scott BessenttoldCNBC that “there’s a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position. ” WTI and Brent crude traded 4. 8% and 4. 6% lower respectively, hitting their lowest levels since July 13. The comments followed PresidentDonald Trump‘s confirmation that reopening dialogue was underway, with the waterway potentially reopening “as soon as tomorrow. ” Consequently, US stock futures gained ahead of the open, driving the S&P 500 to its new all-time high. Meanwhile, analysts noted that resolution of the Hormuz closure could influence Federal Reserve policy decisions. Markets currently price in 56. 7% odds of a 0. 25% rate hike at the central bank’s September meeting, according to data from CME Group’sFedWatch Tool. Bitcoin Priceaction remained comparatively subdued, with the pair held in check by its 21-day simple moving average at $64,388. Onchain analytics platform CryptoQuant reported “strong accumulation” among investors, noting that 0. 7% of BTC supply—approximately 155,000 coins—now belongs to investors with cost bases between $62,000 and $65,000. - Advertisement -“This points to absorption rather than capitulation, as buyers accumulated into weakness,” the platform reported on Monday. The data suggests investors are building positions despite the stubborn local trading range, positioning for potential upside moves once the current geopolitical uncertainties resolve. ✅ FollowBITNEWSBOTonTelegram,Facebook,LinkedIn,X. com, andGoogle Newsfor instant updates. Previous Articles:BNY Mellon, Galaxy Digital Partner for Crypto StakingHashdex shuts down Bitcoin ETF after just $14. 7MNvidia AI Security Alliance Adds Amazon, Now 120+ MembersBitcoin Sinks After $100M Wallet Attack, Quantum FearTerpin: Bitcoin to fall 66% to $43,500Stay in the Loop🔥Join 1. 2K Smart TradersGet exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.