Bitcoin touched $65,000 for the first time since Aug. 10 as risk assets navigated fresh US-Iran signals over the Strait of Hormuz. The S&P 500 bounced from a two-week low, while US 30-year bond yields hit their highest level since January 2007.
Bitcoin diverges from stocks as Trump calls Hormuz "open"
Bitcoin (BTC) hit $65,000 after Tuesday's Wall Street open as US stocks rebounded despite the geopolitical pressure. Data from TradingView showed BTC/USD building on the week's gains as the S&P 500 bounced from 7,696, its lowest level since Aug. 4.
This came after President Donald Trump posted a map of the closed Strait of Hormuz oil route to Truth Social, labeling it "new US territory." Both the US and Iran lay claim to control of Hormuz, and Trump had previously threatened US ally Oman with military action over its plans to work with Iran on charging tolls to shipping traffic. He later confirmed that further diplomacy with Iran was not on the agenda.
Bond yields flash a warning as oil holds steady
Oil avoided major volatility, with WTI crude down 1% at $84 per barrel at the time of writing. US government bonds, however, continued to show strain: the 30-year yield hit 5.34%, its highest since January 2007.
BNY Mellon analyst Geoff Yu wrote in a research note, quoted by the New York Times, that bond prices are signaling concern, attributing the surge to investors demanding more compensation for inflation risk as well as to government borrowing.
BTC price faces a rebound test
Updating X followers on BTC/USD, trader and analyst Aksel Kibar eyed the culmination of a potential reverse head-and-shoulders pattern at $62,300. According to Kibar: "If $BTCUSD is going to rebound, it has to come from here."
Kibar offered a $53,000 target should the head-and-shoulders structure fail, with $76,000 as a potential upside target should the rebound sustain. Cointelegraph previously reported that underwater investors were contributing to Bitcoin's inability to break higher. Its rebound to $64,500 stopped short of the 50-month exponential moving average. That average now sits as resistance at $65,827.
Source: Cointelegraph.com News
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