Bitcoin holds steady above $63,300 despite fresh US-Iran tensions. On July 7, BTC rose by 0.9% to trade at $63,364 at the time of writing.
These gains come even as Iran attacked commercial ships in the Strait of Hormuz. Consequently, crude oil gained 0.9% to $69 at press time.
Why Bitcoin holds steady despite fresh US-Iran tensions
A report by Axios notes that the Iranian military fired two missiles at commercial ships on the Strait of Hormuz on July 6. Specifically, Iran fired these missiles after President Donald Trump said that Iran should agree on a lasting peace deal. Otherwise, the US would resume strikes on Tehran.
“We’re either going to make a deal, or we’re going to finish the job… And it won’t be tough to finish the job,” Trump said.
Iran’s Foreign Minister has since responded to Trump. He said negotiations to end the war will not take place if the US continues to threaten Iran.
BTC usually drops when tensions between the US and Iran escalate. Nevertheless, this did not occur this time around. Instead, the price rose by 0.9% to trade at $63,361 at the time of writing.
Bitcoin price eyes $67K as bullish pressure strengthens
Bitcoin created a double bottom pattern when it dropped to the support of $58,201 on June 30. Specifically, BTC price has gained 8% since testing this support to reach $63,000 on July 7.
If the uptrend that began on June 30 continues, Bitcoin could reach the obstacle at $67,323. Furthermore, closing above $67,323 for three straight days could cause a 15% gain. That would push Bitcoin price to the May 2026 high of $77,400.
The AO bars are green and positive, which supports a bullish long-term Bitcoin price forecast. Therefore, this suggests that the price could reach $77,400. Additionally, the CMF reading of 0.11 suggests that buying pressure is high. Consequently, this supports the thesis that BTC price could rise to $67,000.
Bernstein reiterates $150,000 BTC price target
Bernstein analyst Gautam Chhugani predicts that the price of Bitcoin could reach $150,000 before the end of 2026. Specifically, this could happen if Congress passes the CLARITY Act. The bill could increase buying pressure around Bitcoin.
The analyst’s forecast comes after the BlackRock IBIT ETF recorded its first inflow of $209 million since June 16. Additionally, these ETF inflows have coincided with a rise in Bitcoin’s funding rate to 0.01%, per Coinglass data. This suggests that more traders are opening long positions.
Therefore, the rising demand for long positions on Bitcoin suggests that many traders are expecting the price of Bitcoin to keep rising.
