Bitcoin Nears $65,800 as Stocks Rally on Iran Strike Pause

Bitcoin climbed toward local highs at the start of Monday’s US trading session, tracking a broader rally in stocks after news of a pause in strikes between the US and Iran eased market anxiety.

Bitcoin Tracks Stock Market Optimism

$BTC spiked close to $65,800 as traders reacted positively to the de escalation news. Reports also pointed to talks between Iran and Oman aimed at restoring maritime traffic through the Strait of Hormuz, a critical oil shipping route.

US crude oil prices dipped toward $82 per barrel before recovering slightly, while the S&P 500 and Nasdaq each rose about 0.3%.

Crypto Outperforming Despite Bond Yield Pressure

Digital assets have outperformed stocks this month even with higher Treasury yields weighing on markets. Bitcoin and Ethereum are both up double digits for the month. Attention also remains on the CLARITY Act, pending crypto legislation being watched closely by market participants.

Bitcoin is holding above its 21-day and 50-day moving averages, though analysts describe the setup as still fragile. Short liquidations approached $250 million over 24 hours as prices rose.