Bitcoin bulls faced "crucial resistance" at $65,000 next as BTC price action diverged from oil and US dollar strength.
Bitcoin (BTC) eyed new July highs on Friday as US-Iran peace momentum kept oil lower.
Data from TradingView showed BTC/USD climbing above $64,000, coming within $400 of new three-week highs.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
Amid ongoing hopes that the US-Iran peace deal could be salvaged, US WTI crude oil stayed lower after rejecting from $76 per barrel.
CFDs on US WTI crude oil one-day chart. Source: Cointelegraph/TradingView
US dollar strength fell for a third straight day, with the US dollar index (DXY) approaching its lowest figures since mid-June.
US dollar index (DXY) one-day chart. Source: Cointelegraph/TradingView
Commenting on the current macro landscape, trading company QCP Capital warned that risks to economies were still growing. It specifically highlighted the US Strategic Petroleum Reserve (SPR).
“With no monetary cushion coming, the physical buffers matter more. In oil, Doha talks ended with no shipping deal and missiles struck two tankers on 7 July, with Hormuz flows still well below normal,” it wrote about recent Iran events.
US SPR one-week chart. Source: Cointelegraph/TradingView
QCP added that recent BTC sales by business intelligence company Strategy showed that the instability had spread to crypto.
Source
This article is syndicated for educational reading. For the latest updates, visit the original publisher.
Read on cointelegraph.com
