The crypto market is rising today, July 27, after the US halted strikes on Iran, with the price of Bitcoin (BTC) and Ethereum (ETH) gaining by 1.75% and 4.63%, respectively.
The halted strikes have pushed the price of Murban crude oil down by 10% as speculation grows that US and Iran might restart talks towards ending the war.
Oil Slides Amid US-Iran Talks Optimism
Oil prices are moving lower on optimism that the US and Iran might restart peace talks. Murban crude oil is down 10% today, July 27, to trade at $97 at the time of writing.
WTI crude oil is also down by 5.6% to $83, while Brent crude oil is down by 6.5% to $90.
The drop comes after US envoy to the UN, Mike Waltz, said that President Trump was “giving talks some space.”
Waltz’s statement follows a previous report that US military commander in Iran, Adam Bradley Cooper, advised Trump to de-escalate because the US military campaign against Iran had attained its goals.
The potential de-escalation comes after two straight weeks of strikes on Iran by the US military. The conflict pushed oil reserves to the lowest level in 43 years, and pushed the price of Bitcoin and Ethereum lower as traders sold due to fears of more tensions.
As speculation grows that another ceasefire deal might occur, Bitcoin and Ethereum, whose price is up today, could edge higher.
Bitcoin Price Prediction as Bulls Target $69,000
Bitcoin price is up by 1.75% today, July 21, to trade at $65,447 at the time of writing, with $17 billion in volumes per CoinMarketCap data.
The recent gains could continue because of the easing geopolitical tensions, as the traders who were previously selling out of fear that the conflict between Iran and the US will escalate start buying again.
This buying pressure could push BTC to the July 21 high of $66,956. But for such a gain to occur, Bitcoin price needs to remain above support at the middle Bollinger band of $64,442.
Analyst DaanCrypto also notes that if bulls push the price of BTC above the July 21 high of $66,956, the next target will be the 200-day EMA of $72,000.
However, the analyst warns that if a downtrend resumes, Bitcoin could drop to the psychological support of $60,000.
Still, the RSI reading of $54 supports a bullish long-term Bitcoin price forecast.
Ethereum Price Soars to 8-Week High on Sustained Buying Pressure
The price of Ethereum has climbed to $1,981 for the first time since June 2.
The volume histogram bars that are green for three straight days suggest that Ethereum is gaining because of rising buying pressure.
The CMF reading of 0.09 also confirms that there is more buying pressure than selling pressure, and this could push the price of ETH to the psychological resistance of $2,000.
A previous CoinGape Ethereum price analysis noted that if ETH closes above the obstacle at $2,000, it could move to $2,240.
The ADX line that is tipping north also supports a bullish long-term Ethereum price forecast. It suggests that the uptrend is gaining strength, and a move past $2,000 could occur.
Bitcoin and Ethereum ETF Inflows Return
Data from SoSoValue shows an increase in inflows to both Bitcoin and Ethereum ETFs.
BTC ETFs saw $33.79 million in inflows in the week between July 20 and July 24, while ETH ETFs had $103.90 million in inflows.
If the US and Iran agree on another ceasefire after talks resume, these ETFs could also see more inflows this week.
Still, the upcoming FOMC meeting on July 29 could affect the demand for these ETFs if the Federal Reserve appears to be hawkish and drive a risk-off sentiment.