Bitcoin (BTC) fell to the $59,000 price level last week after the market experienced increased liquidations. The asset is finally showing some signs of a recovery, briefly reclaiming the $64,000 level. BTC’s price has dipped once again, trading at $62,961 at the time of writing. CoinGecko’s Bitcoin data notes that BTC has rallied 2.2% in the last 24 hours. Despite the rally in the daily charts, the asset is still down by 21.7% over the previous month. Let’s discuss how President Trump’s recent remarks about an Iran-Israel deal is pushing Bitcoin (BTC) and the larger market.
Trump’s Iran-Israel Deal Pushes Bitcoin
The cryptocurrency market faced several bearish incursions over the last few weeks. Bitcoin (BTC) faced its first obstacle in May after higher than anticipated inflation figures. The market took another hit after the US-Iran conflict re-escalated. Then came the high jobs data which further put pressure on investors. The developments pulled Bitcoin’s (BTC) price below the $60,000 mark for the first time in a long time.
The latest upswing comes after President Trump refrained Israel from continuing any military operations against Iran. President Trump also said that he would force the two countries into a peace deal. The stock market and the crypto market took the news positively. Bitcoin (BTC) briefly reclaimed the $64,000 mark, but faced another correction.
Also Read: BlackRock Sold Over $2 Billion Worth Of Bitcoin And Ethereum
Investor confidence may continue to climb if the two countries reach an agreement. Inflation may decrease if oil prices decline. A move like this might increase the likelihood of an interest rate reduction. Reduced rates can encourage investors to make riskier investments such as Bitcoin (BTC). But the market is still quite unstable and has not yet fully recovered. The low pricing may be a decent entry point for new investors despite the extreme volatility.