Bitcoin price pressure took BTC toward the "crucial" $61,000 mark as oil prices soared on the collapse of the US-Iran ceasefire.
Bitcoin (BTC) stayed below $62,000 after Wednesday’s Wall Street open as US president Donald Trump closing a key world oil route.
Data from TradingView showed daily BTC price downside circling 2.5% as markets reacted to the collapse of the US-Iran ceasefire.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
“To me, I think it’s over,” Trump said about the ceasefire during a press conference at the NATO summit in Ankara, Turkey.
Additional reports claimed that both the US and Iran were considering reimposing a blockade of the Strait of Hormuz oil route.
US WTI crude oil passed $75 per barrel on the day, reaching its highest levels since June 22.
CFDs on US WTI crude oil four-hour chart. Source: Cointelegraph/TradingView
The latest events had an instant impact on expectations over financial policy moves by the US Federal Reserve.
The latest data from CME Group’s FedWatch Tool showed increasing odds of an interest-rate hike coming at the Fed’s September meeting, with July’s still tipped to see rates stay at current levels.
Fed target rate probabilities (screenshot). Source: CME Group
Users on prediction service Kalshi, meanwhile, put the odds of a hike in 2026 at 55%.
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