Bitcoin (BTC) hit $65,000 after Tuesday’s Wall Street open as US stocks rebounded in spite of geopolitical pressure.
Key points:
- Bitcoin reaches $65,000 for the first time since Aug. 10 as risk assets navigate fresh US-Iran signals.
- Analysis warns of surging US 30-year bond yields, which hit 29-year highs of 5.34%.
- BTC price analysis flags decision time on a head-and-shoulders bottoming structure.
Bitcoin diverges from US stocks as Trump says Strait of Hormuz “open”
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.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
This came after US president Donald Trump posted a map of the closed Strait of Hormuz oil route to Truth Social where it was labeled “new US territory.”
Both the US and Iran lay claim to control of Hormuz, with Trump threatening US ally Oman with military action over its plans to work with Iran on charging tolls to shipping traffic. In a subsequent post, Trump confirmed that further diplomacy with Iran was not on the agenda.
“There are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran. The Naval Blockade remains in full force and effect. The Hormuz Strait is open and operating. All water mines have been removed or detonated,” he wrote.
S&P 500 one-day chart. Source: Cointelegraph/TradingView
As on Monday, oil avoided major volatility, with WTI crude down 1% at the time of writing at $84 per barrel. US government bonds continued to show strain, with the 30-year yield hitting 5.34%, its highest since January 2007.
“Bond prices are sending warnings,” BNY Mellon analyst Geoff Yu wrote in a research note quoted by the New York Times. Yu said that the surge came as “investors demand more compensation for inflation risk,” while also attributing the upside to government borrowing.
US 30-year bond yields one-month chart. Source: Cointelegraph/TradingView
BTC price faces crunch 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.
Related: Bitcoin price spike to $64.5K was ‘low-volume liquidity trap’: Analysis
“If $BTCUSD is going to rebound, it has to come from here,” he argued on Monday.
Kibar offered a $53,000 target in the event of the head-and-shoulders structure failing, with $76,000 a potential upside target should the rebound sustain.
BTC/USD one-day chart. Source: Aksel Kibar on X.com
Previously, Cointelegraph reported that underwater investors were contributing to Bitcoin’s inability to break higher. Its rebound to $64,500 also stopped short of an overhead trend line, the 50-month exponential moving average (EMA). This moving average is now in place as resistance at $65,827.
