Bitcoin (BTC) Rebounds Amid US-Iran Agreement... "Bear Market Pain 95% Over"

▲ US, Iran, International Oil Prices, Strait of Hormuz, Bitcoin (BTC)/AI Generated Image

Bitcoin (BTC) and Ethereum (ETH) rebounded on expectations of an agreement between the United States and Iran. XRP and Dogecoin (DOGE) failed to escape their weakness.

According to crypto media outlet Benzinga on August 4 (local time), Bitcoin recorded $63,954.73, up 0.90% over 24 hours. Ethereum traded at $1,863.36, up 0.68%. XRP fell 0.12% to $1.06, and Dogecoin dropped 0.12% to $0.06988. Solana (SOL) recorded $73.49, up 0.56%.

The crypto market's liquidation amount over the past 24 hours exceeded $200 million. Of this, bearish betting position liquidations amounted to $137 million. Bitcoin's open interest decreased by 0.25%. The Crypto Fear & Greed Index improved from 'Extreme Fear' to 'Fear'. The total cryptocurrency market capitalization increased by 0.71% to $2.19 trillion.

The US stock market also surged on expectations of an agreement with Iran. US Treasury Secretary Scott Bessent stated that an agreement to reopen the Strait of Hormuz could come as early as Wednesday. Strategy (MSTR) shares rose 2.94%, and Bitmine Immersion Technologies (BMNR) gained 3.90%.

Crypto analyst Ali Martinez suggested $64,300 as a key price to confirm Bitcoin's upward trend. Martinez said, “If the 4-hour candle closes above $64,300, it can confirm a breakout,” adding, “This could open the way for a rise to $65,500 or $66,500.”

Crypto analyst Michaël van de Poppe predicted Bitcoin's next upward target at $85,000. He analyzed that the 50-week moving average on the weekly chart is a key resistance level. Van de Poppe said, “I don't expect Bitcoin to fall much deeper right now,” adding, “90-95% of the bear market pain has already been priced in.”

[Article Key Summary]

-Bitcoin and Ethereum rose 0.90% and 0.68% respectively, on expectations of an agreement between the US and Iran.

-Over $200 million in positions were liquidated in the cryptocurrency market, and the Fear & Greed Index improved from 'Extreme Fear' to 'Fear'.

-Market analysts are watching for a break above $64,300 and have set a long-term upward target of $85,000.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*