Bitcoin climbed back above $65,000 on July 27, hitting $65,386 after dipping to a daily low of $64,892. This rebound extended Bitcoin’s recovery from its July 25 bottom near $63,700, supported by favorable technical signals like a rising 4-hour RSI at 58.64 and a bullish MACD crossover.

The recent price surge came amid easing tensions in the Middle East. For the third day running, the US and Iran refrained from military strikes, which helped push oil prices down sharply. Brent crude fell 6.5% to $90.45 as fears of a prolonged supply disruption eased. This decline in oil boosted risk appetite across markets, including stocks and cryptocurrencies, with Bitcoin rising alongside these assets.

Regional talks involving Iran and Oman over shipping through the Strait of Hormuz contributed to market relief, even though direct US-Iran negotiations have yet to resume. Despite these positive developments, geopolitical risks linger, as Iran’s foreign ministry confirmed no new talks with Washington and no change in the Strait’s status.

Technically, Bitcoin is trading within an ascending parallel channel on the 4-hour chart, with support near $64,000 and resistance looming at $67,181. The recent bounce off the lower trendline preserved a pattern of higher lows established earlier in July, signaling that the upward channel remains intact unless sellers push prices below that support line on a 4-hour close.

The momentum indicators reinforce this cautious optimism. The 4-hour RSI climbed above its moving average without entering overbought territory, and the MACD histogram increased to 141.34, suggesting buying momentum is gathering strength after the pullback earlier in the month.

Meanwhile, the broader market is also digesting energy price moves that could influence inflation expectations ahead of the Federal Reserve’s policy meeting on July 28-29. Lower oil prices can ease inflation pressures, potentially impacting US crypto investors’ outlook. However, futures markets have raised the probability of a Fed rate hike to 33%, up from 16% just a week ago.

Bitcoin’s price action continues to reflect these geopolitical and macroeconomic factors, with the key resistance level at $67,181 in focus for the next test.

In reaction, Bitcoin showed steady gains throughout the session, maintaining momentum near the $65,000 mark.