Bitcoin pushed above $65,000 on Monday, fueled by a pause in US-Iran military actions that sent oil prices tumbling and boosted risk appetite globally. Over the weekend, Iran announced a halt to retaliatory strikes, and the US paused its bombing campaign, easing fears of a wider conflict and cooling inflation concerns.
Brent crude prices dropped over 5% as a result, weakening the US dollar and making cryptocurrencies more appealing to international buyers. Bitcoin was last seen trading around $65,405, marking a gain of approximately 1.5% for the day.
Market analyst Ted Pillows highlighted on social media that BTC was hovering near $64,500, noting that reclaiming $65,000 could help push Bitcoin to fresh monthly highs. Meanwhile, Daan Crypto Trades outlined critical resistance and support levels: bulls need to break the local high near $67,000 from June and July to target the 200-day moving average zone at around $72,000 $73,000. On the downside, a key support level remains near $60,000.
All eyes now turn to the Federal Reserve's policy meeting later this week. Investors widely expect rates to remain unchanged on Wednesday, though markets price in roughly a 33% chance of a hike. Traders will closely monitor Chair Kevin Warsh’s remarks for signals on monetary policy direction through the rest of 2026. Since higher rates typically dampen appetite for speculative assets like cryptocurrencies, the Fed’s stance remains a major influence.
On the blockchain front, bitcoin whales moved nearly 3,080 BTC worth about $198 million off the Kraken exchange into unknown wallets. Such transfers often indicate long-term holding rather than selling, further tightening available supply. Supporting this idea, Bitcoin’s Stock-to-Flow Ratio surged by 350% within 24 hours, climbing to 46,500, signaling a sharp increase in scarcity.
Miners have also eased their selling pressure, with the Miners’ Position Index falling to -1.24, contributing to reduced market selling supply.
