Bitcoin holds above $60,000 as US‑Iran tensions push oil higher

Bitcoin hovered near $62,000 on July 9 after President Donald Trump declared the U.S.–Iran ceasefire “over” at a NATO summit. The comment revived fears of renewed fighting in the Strait of Hormuz, sending Brent crude up more than 5 % to $78 per barrel and raising expectations of a Federal Reserve rate hike in September.

The cryptocurrency fell to about $61,500 on the news, erasing most of its early‑July gains, but quickly recovered to trade just under $63,000, staying above the key $60,000 support level. Short positions were liquidated for roughly $100 million in a 24‑hour period, while traders highlighted $61,000 as a critical technical zone.

Analysts linked the price swing to broader macro concerns: higher oil prices revive inflation worries, which could tighten monetary policy and dampen risk‑off assets like Bitcoin. Despite the volatility, the asset’s resilience above $60,000 suggests continued demand amid the geopolitical shock.