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BTC Bitcoin (BTC) targeted a new high in July last Friday, as the US-Iran peace process continued to put pressure on oil prices to decline.
Core Points:
Bitcoin bulls maintain upward momentum, and BTC/USD are seeking to hit a multi-week high. The decline in oil prices contrasts sharply with the strengthening of the US dollar, while the crypto market rebounded. Analysis pointed out that US$65,000 has now become a \"key resistance level\" to be overcome.
Bitcoin hit US$64,350, and the US dollar\'s strength coincided with the decline in oil prices.
TradingView data showed that BTC/USD climbed above US$64,000, just US$400 short of a three-week high. 
Four-hour chart of BTC/USD. 
Amid continued expectations about the possibility of a U.S. -Iran peace agreement, U.S. WTI crude oil remained low after falling from US$76 per barrel. 
The US dollar index weakened for the third consecutive day, approaching its lowest level since mid-June. 
When commenting on the current macro environment, trading firm QCP Capital warned that economic risks are still intensifying, and specifically mentioned the U.S. Strategic Petroleum Reserve (SPR). \"Due to the lack of monetary buffers, physical reserves have become even more important. In terms of oil, the Doha negotiations failed to reach a shipping agreement. On July 7, two oil tankers were attacked by missiles, and the flow in the Strait of Hormuz is still far below normal levels,\"the company pointed out regarding recent incidents in Iran. \"Reserves seem to be even tighter: SPR is currently at 319.5 million barrels, the lowest level since 1983, and only 19.5 million barrels are left short of the 300 million barrel pressure zone.\" 
QCP added that the recent sale of bitcoin by business intelligence firm Strategy suggests that turmoil has spread to the crypto space. \"This is most evident in the private credit space, where redemption requests from multiple funds have exceeded the 5 per cent quarterly threshold,\" the company said.
Crypto markets are \"getting better day by day\"
Trading resource The Kobeissi Letter is more optimistic about the long-term outlook, pointing out that the probability of U.S. inflation exceeding 4.5% in 2026 has dropped below 20%. \"Just seven weeks ago, the probability that inflation would exceed 4.5% this year was as high as 85%,\" the agency wrote on the X platform on Thursday, citing data from forecasting service Polymarket. \"Inflation expectations have fallen again.\"
Cryptocurrency trader and analyst Michaël van de Poppe pointed out that the oil price trend is one of the key factors for the market\'s \"significant upward move.\" \"The market is getting better day by day,\" he told Platform X followers on Friday. \"Bitcoin once again attacks the key resistance level of $65,000. Once we break through, we will see the downward trend of many altcoins turn into an upward trend.\"
