Bitcoin climbed above $64,000 on Friday, coming within $400 of a new three-week high as falling oil prices and a weakening US dollar lifted crypto markets. Analysts now flag $65,000 as the crucial resistance to clear, with a break potentially turning altcoin downtrends into uptrends.
Bitcoin pushed to $64,350 on Friday, coming within $400 of new three-week highs as US-Iran peace momentum kept oil lower. Data from TradingView showed BTCUSD climbing above $64,000.
Oil and dollar weakness feed the rebound
Amid hopes that the US-Iran peace deal could be salvaged, US WTI crude oil stayed lower after rejecting from $76 per barrel. US dollar strength fell for a third straight day, with the US dollar index (DXY) approaching its lowest figures since mid-June.
Not everyone reads the backdrop as clear skies. Trading company QCP Capital warned that risks to economies were still growing, singling out the US Strategic Petroleum Reserve. It noted the SPR sits at 319.5mb, its lowest since 1983, leaving just 19.5mb before the 300mb stress zone. QCP added that recent BTC sales by business intelligence company Strategy showed the instability had spread to crypto.
Analysts eye the $65,000 line
More optimistic on the longer-term outlook, trading resource The Kobeissi Letter noted that the odds of US inflation passing 4.5% in 2026 had fallen below 20%, down from an 85% chance just 7 weeks ago. Crypto analyst Michaël van de Poppe pointed to the oil-price trend as one key factor for upside across markets.
He flagged $65,000 as the crucial resistance Bitcoin is attacking again. According to Cointelegraph, van de Poppe said a break there would flip "many downtrends on many Altcoins into uptrends."
Source: Cointelegraph
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