Bitcoin (BTC) climbed toward the $66,000 mark on Monday as improving investor sentiment lifted both cryptocurrency and equity markets following reports of a pause in military strikes between the United States and Iran.
The world’s largest cryptocurrency gained alongside US stocks after news of easing geopolitical tensions boosted demand for risk assets. The S&P 500 and Nasdaq Composite Index both opened around 0.3 percent higher, while Bitcoin approached its highest level in recent weeks.
Market sentiment also improved after reports indicated that Iran and Oman were working to establish mechanisms for maritime traffic through the Strait of Hormuz, a vital global oil shipping route. Meanwhile, US West Texas Intermediate (WTI) crude oil prices declined toward $82 per barrel before recovering modestly.
Analysts at trading firm QCP Capital said digital assets have continued to outperform traditional equities despite a challenging macroeconomic environment. According to the firm, Bitcoin has gained around 11.6 percent in July, while Ethereum has surged approximately 24.6 percent during the month.
QCP Capital also noted that investors remain focused on the proposed CLARITY Act, legislation under consideration in the United States that could significantly reshape the regulatory framework for digital assets.
Despite the positive momentum, market analysts urged caution. Crypto analyst Michaël van de Poppe said Bitcoin has successfully defended its 21-day and 50-day simple moving averages, a technical signal often viewed as supportive for further gains.
However, he added that the market remains fragile and a sustained move into the $66,000–$67,000 range over the coming days would provide stronger confirmation of bullish momentum.
Meanwhile, data from CoinGlass showed that nearly $250 million worth of short cryptocurrency positions were liquidated over the past 24 hours as Bitcoin’s price advanced, highlighting the strength of the latest rally.
