Bitcoin ($BTC) On Friday, we focused on new highs for July as U.S.-Iran peace momentum keeps oil low.
Important points:
- Bitcoin bulls continue to maintain upward momentum $BTC/USD is aiming for a new multi-week record.
- The decline in oil prices and the strength of the US dollar contrast with the recovery in the crypto market.
- According to the analysis, $65,000 is now the “critical resistance” to be tackled.
Bitcoin reaches $64,350 due to strong dollar and low oil prices
Data from TradingView displayed $BTC/USD has surpassed $64,000 and is within $400 of a new three-week high.
$BTC/USD 4-hour chart. Source: Cointelegraph/TradingView
As expectations continue, US-Iran peace agreement Despite the possibility of a recall, U.S. WTI crude oil continued to fall after refusing to drop from $76 a barrel.
CFD on daily chart of US WTI crude oil. Source: Cointelegraph/TradingView
The US dollar strengthened for the third day in a row, with the US dollar index (DXY) near its lowest since mid-June.
Daily chart of the US dollar index (DXY). Source: Cointelegraph/TradingView
Trading company QCP Capital commented on the current macro situation and warned that risks to the economy are still increasing. Particular focus was placed on the US Strategic Petroleum Reserve (SPR).
“With no financial cushion coming, physical buffers are more important. In oil, Doha negotiations ended without a shipping deal and missiles hit two tankers on July 7, but flows in Hormuz remain well below normal,” it said. I wrote Regarding recent events in Iran.
“Reserves appear to be getting thinner still: SPR is 319.5mb, the lowest since 1983, with only 19.5mb remaining before the 300mb stress zone.”
US SPR 1 week chart. Source: Cointelegraph/TradingView
QCP recently added: $BTC Sales results from business intelligence firm Strategy showed that volatility has also spread to cryptocurrencies.
The report added: “It is most evident in private credit, where redemption requests are breaching the quarterly 5% gate across multiple funds.”
The virtual currency market is “getting better day by day”
More optimistic about the long-term outlook, Trading Resources Covisi Letter noted that the probability of US inflation exceeding 4.5% in 2026 is less than 20%.
Related: Bitcoin ETF ends ‘most overwhelming’ $2.7 billion decline amid new $85 million in net outflows
“Just seven weeks ago, there was an 85% chance that inflation would exceed 4.5% this year,” the paper said. ×post It was published on Thursday along with data from forecasting service Polymarket.
“Inflation expectations are falling again.”
Source: Kobeissi Letter/X
Continuing, crypto trader and analyst Michael van de Poppe pointed out that oil price trends are one of the key factors behind the “huge rally” in the overall market.
“The market seems to be getting better every day,” he says. said Friday has X number of followers.
“Bitcoin is once again attacking the key resistance at $65,000. If this is broken, it will reverse the downtrend for many altcoins to an uptrend.”
