Bitcoin Bounces as Iran War Pause Pressures Oil: Can BTC Price Reach $70K?

Bitcoin Bounces as Iran War Pause Pressures Oil: Can BTC Price Reach $70K? Yashu Gola Mon, July 27, 2026 at 12:42 PM GMT+2 2 min read CL=F BTC-USD BTC-ETH BTC-GBP BTC-JPY Bitcoin ( BTC ) bounced over the weekend session and was stabilizing above the $65,000 support as of Monday. Bitcoin's daily price chart The cryptocurrency climbed more than 3% from its weekend low to reach an intraday high of around $65,722.

Its recovery followed a pause in hostilities between the US and Iran , which sent oil prices sharply lower and improved risk appetite across global markets. Oil's Plunge Boosts Short-Term Risk Appetite Brent crude consequently fell more than 4% toward $92 per barrel, while West Texas Intermediate dropped over 5% to around $84. BRENT and WTI crude oil daily price chart.

Source: TradingView Falling energy prices eased concerns that the Iran conflict would trigger another inflation shock and force the Federal Reserve to maintain a more aggressive monetary policy stance . Lower oil prices are typically supportive for speculative assets because they can reduce inflation expectations, improve liquidity sentiment and limit upward pressure on bond yields. The odds of a rate hike at the July Fed meeting, due this Wednesday, dropped to around 30% from 37% in a day, according to CME data .

Target rate odds of the July Fed meeting. Source: CME For the September meeting, however, over 56% of bets were in favor of a 25 basis point rate hike, showing that bond traders remained cautious due to seesaw Iran war headlines. Can Bitcoin Price Reach $70,000?

Bitcoin was trading slightly below its 20-period exponential moving average (EMA, green) on the three-day chart, currently near $65,600. Reclaiming this level would strengthen the short-term recovery and put the 50-3D EMA (red) near $70,400 in focus. The 50-3D EMA also overlaps with the upper trendline of a broader falling wedge pattern, making the $69,000–$70,500 region a key resistance zone.

A continued rebound could therefore send Bitcoin toward $70,000 by late July or early August. Bitcoin's three-day price chart showing the falling wedge breakout setup A decisive three-day close above the wedge's upper trendline would confirm a bullish breakout. The eventual upside target would depend on where Bitcoin exits the pattern because the distance between its trendlines narrows over time.

For instance, a breakout near the current $69,000 area could project Bitcoin toward approximately $123,000. A later breakout closer to the wedge's projected apex near $54,000 would produce a smaller measured target around $95,000. Failure to reclaim the 20-3D EMA could keep BTC inside the wedge and trigger another pullback toward its lower trendline.

That support appears to converge near $54,000 later in the year. A decisive break below $54,000 would invalidate the falling-wedge recovery setup and increase the risk of a deeper correction. Story Continues This article was originally posted on FX Empire More From FXEMPIRE: AI Sales are a Huge Catalyst for Amphenol Shares USD/CHF, USD/CAD, and USD/MXN Forecasts – Rate Differentials Keep Dollar Buyers in Control Ethereum Rising Wedge Warns of ETH Price Drop Toward $1.