Bitcoin Climbs Back Above $65,000 as US-Iran Ceasefire Holds, Oil Falls 5%

Bitcoin rose back above $65,500 on Monday, gaining about 1.5% over 24 hours, as risk on sentiment returned following a second consecutive day of paused military strikes between the United States and Iran.

Broad Market Rally

Ether outperformed bitcoin, climbing more than 3.1% to nearly $1,958, while other major tokens including solana and XRP gained between 1% and 2%.

Oil prices dropped sharply, with WTI futures trading around 5% lower near $85 and Brent crude falling 4.7% to $92.19. Equity futures tied to the Nasdaq and S&P 500 rose about half a percent, while the Australian dollar and euro strengthened against the US dollar.

Fragile Ceasefire Drives Sentiment

The US and Iran held fire for a second straight day, opening room for potential diplomatic progress after a ceasefire reached earlier this year quickly broke down. Iran reportedly said it would continue halting airstrikes as long as the US did the same.

Analysts Weigh Macro and Cycle Factors

Federal Reserve meeting on July 28-29 remains a key risk, with markets pricing in a 36.3% chance of a rate hike. Ether’s gains suggest early rotation into alternative cryptocurrencies, though bitcoin’s 58.6% market dominance indicates this isn’t yet a broad altcoin trend. Separately,