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Bitcoin holds near five-week highs despite US-Iran escalation
BTC/USD eased about 1% to roughly $65,975, after earlier testing the $67,000 area, as US stocks continued higher and oil saw the most volatility.
Bitcoin held near five-week highs on Wednesday as crypto and other risk assets brushed off renewed US-Iran tensions, according to Cointelegraph. TradingView data cited by the outlet showed BTC/USD down about 1% on the day after earlier hitting highs near $67,000.
Cointelegraph said the market impact from the escalation was relatively mild for stocks and crypto, even as the US president warned of strikes tied to any Iranian actions in the Strait of Hormuz. The outlet also noted that only oil prices showed notable day-to-day volatility.
WTI and Brent crude were reported around $88.60 and $95.50, respectively, each at their highest since June 11, based on Cointelegraph’s market read-through. In equities, the outlet pointed to bullish momentum and cited analysis warning that rising short positions could set up a short squeeze.
For bitcoin specifically, Cointelegraph said traders were watching $67,000 for a more decisive move. At the time of publication, BTC was around $65,975, and the outlet reported 24-hour trading volume topping $30.3 billion using CoinMarketCap data.
Latest closeWTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%|Bitcoin $65,749.44 ▼1.1%