Bitcoin tags $65K as S&P 500 rebounds from 2-week lows on US-Iran rhetoric
Bitcoin returned to $65,000 for the first time in a week as fresh BTC price volatility accompanied US claims that the Strait of Hormuz was “open and operating.”
Bitcoin surged past the $65,000 mark for the first time in a week, driven by fresh price volatility and US claims that the Strait of Hormuz remains open and operating. Despite geopolitical tensions, US stocks rebounded on Wall Street, with the S&P 500 climbing back from its lowest level since August 4, 2022. Bitcoin's four-hour chart showed continued gains, while the S&P 500 bounced back from 7,696.
US President Donald Trump's tweets about the Strait of Hormuz and its status as "new US territory" fueled the price surge. Both the US and Iran claim control over the strategic waterway, with Trump vowing to maintain the naval blockade. Oil prices remained relatively stable, with WTI crude down 1% at $84 per barrel. US government bonds showed heightened volatility, with the 30-year yield peaking at 5.34%, signaling investor concerns over inflation risk and government borrowing.
Analysts suggest a potential rebound pattern in Bitcoin's price, with a $53,000 target if the head-and-shoulders structure breaks down and a $76,000 upside target if the rebound holds.
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