Bitcoin (BTC) price is up by 0.9% today, July 7, to trade at $63,300 at the time of writing. The gains come despite reports that Iran is attacking commercial ships in the Strait of Hormuz.
These strikes by Iran have caused the price of crude oil to gain by 0.9% to $69 at press time.
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.
Iran fired these missiles into the Strait of Hormuz after President Donald Trump said that Iran should agree on a lasting deal for peace, failure to which 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, saying that 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, but this did not occur this time around, as 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. BTC price has gained by 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. Closing above $67,323 for three straight days could cause a 15% gain that will push Bitcoin price to the May 2026 high of $77,400.
The AO bars that are green and positive also support a bullish long-term Bitcoin price forecast, suggesting that the price could reach $77,400.
The CMF reading of 0.10 also suggests that buying pressure is high, and this supports the thesis that BTC price could rise to $67,000.
Bernstein Reiterates $150,000 BTC Price Target as Funding Rate Soars
Bernstein analyst Gautam Chhugani predicts that the price of Bitcoin could reach $150,000 before the end of 2026 if Congress passes the CLARITY Act because this bill could increase buying pressure around Bitcoin.
The analyst’s forecast of a move to $150 comes after the BlackRock IBIT ETF recorded its first inflow of $209 million since June 16.
These ETF inflows have also coincided with a rise in Bitcoin’s funding rate to 0.01% per Coinglass data, suggesting that more traders are opening long positions.
The rising demand for long positions on Bitcoin suggests that many traders are expecting the price of Bitcoin to keep rising.