Bitcoin Hits Two-Week High Above $65.5K as US-Iran Deal Sinks Oil
Bitcoin surged to a two-week high above $65,500 after a US-Iran deal to reopen the Strait of Hormuz sent oil prices sliding, lifting risk assets broadly.
Bitcoin climbed to its highest level in nearly two weeks, breaking above $65,500 on Monday after the US and Iran reached a deal to end hostilities and reopen the Strait of Hormuz. The agreement removed the energy-supply fear that had weighed on markets for months, sending oil prices sliding and lifting risk assets broadly.
The token traded around $65,844, up 2.1% over 24 hours, after touching a low near $63,722 in early Asian trading before the deal news broke. The move puts bitcoin about 9% above the sub-$60,000 low it hit last week, its weakest level since October 2024. The rally was broad: ether rose 2.5% to $1,721, solana gained 3.6% to $71, and XRP added 3.2% to $1.19. Hyperliquid's HYPE was the standout, up 7.5% on the day to nearly $65. For the latest prices, check NowPrice's real-time crypto quotes.
The deal removes a key geopolitical overhang that had kept energy prices elevated and risk appetite suppressed. Lower oil prices reduce inflationary pressure, which could ease the Federal Reserve's hawkish stance and support risk assets like cryptocurrencies. Traders will now watch for further confirmation of the deal's implementation and any impact on US Treasury yields and the dollar index, as these factors historically influence bitcoin's correlation with traditional risk markets. The next major resistance for bitcoin lies around $67,000, while support holds near $63,000.