Bitcoin (BTC) briefly touched $65,555 on Bitstamp at Monday's Wall Street open, its highest level since Wednesday, as a US-Iran peace deal sent crude oil prices tumbling toward their lowest since early March. The move came despite US stocks opening lower, with traders now eyeing a potential push toward $70,000 if bullish momentum holds.
Oil drops as Iran returns to global markets
The rally in Bitcoin contrasted with a sharp decline in oil prices after the US allowed Iranian oil trading for two months, marking the first return of Iranian crude to global markets since 2018. US WTI crude fell to near $73 per barrel, approaching levels not seen since early March and the start of the war. The Kobeissi Letter noted the significance of the move on X, highlighting the end of a multi-year ban.
Liquidity drives Bitcoin price action
For Bitcoin traders, the focus was on order-book liquidity. Daan Crypto Trades observed that a thick liquidation cluster above $65,000 was taken out right after the US market open, calling the $65,000 area a key gauge for short-term strength or weakness. CrypNuevo suggested that if bulls sustain the breakout, a move toward $70,000 could follow. However, caution remains high as Mondays have marked local pivot highs in six of the past six weeks, according to trader Killa, who warned that price often moves lower after such peaks.
'Insane' liquidations hit $2.5 billion
Liquidation data painted a volatile picture. CryptoReviewing described recent liquidations as "completely insane," noting that Bitcoin had liquidated $2.5 billion in just seven days. The analysis pointed to sizable liquidity above $65,000–$67,000 that could be swept next, but warned that the $61,000–$63,000 zone holds even larger liquidation clusters, making it a higher-probability target for a pullback. Both long and short positions have been chopped up in the choppy trading environment.