Bitcoin (BTC) price is up by 3.32% today, July 15, to trade at $64,690 at the time of writing. The gains follow a surge in buying pressure after US inflation dropped to 3.5%. Still, President Trump’s order to close Iranian ports poses a risk to BTC price if the escalating geopolitical tensions fuel sell-side pressure.
Bitcoin Defies Escalating US-Iran Tensions as Oil Prices Rise
The price of Brent Crude oil has risen to $85 today, July 15, after the US reimposed a blockade on Iranian ports near the Strait of Hormuz.
President Trump has also said the US will strike power plants and bridges in Iran if the country does not resume negotiation talks to end the war.
Trump’s threat comes shortly after the US closed the Strait of Hormuz and reintroduced a 20% fee for cargo ships passing through the Strait.
Iran is also pushing back, with the IRGC launching strikes on Middle East countries like Kuwait, Bahrain, and Jordan.
Still, Bitcoin price remains unmoved by these tensions, and on July 14, it created its biggest green candle since June 7. BTC also moved above $65,000 on July 14 for the first time since June 22.
The gains occurred after the US inflation rate dropped to 3.5%, and the odds of the Fed raising interest rates on July 28 dropped to 14%.
Bitcoin Price Hits 3-Week High Amid Shifting Momentum
The price of Bitcoin reached $65,000 for the first time since June 22 after buyers returned due to cooling US inflation.
The RSI reading of 54 also supports a bullish long-term Bitcoin price forecast because it suggests that the momentum has shifted to favor bulls.
If this RSI keeps making higher highs, the price of BTC could close above the psychological resistance of $65,000.
Bitcoin closing above the psychological price of $65,000 for three straight days could lead to another upward move to the 100-day EMA of $68,500.
But if the buying pressure that was caused by cooling inflation eases and short-traders sell to book profits, BTC could drop to the support at the 20-day EMA of $63,200.
Analyst Daan Crypto also warns that BTC could move below $60,000 if it breaks the support at $61,300. However, if Bitcoin moves above $64,644, the analyst notes that the price could reclaim $67,000.
BTC ETFs Post $181M Inflows Amid Rising Demand For Longs
Bitcoin’s recent gain to $65,000 attracted demand from institutions because inflows to BTC ETFs reached $181 million on July 14.
BlackRock’s IBIT ETF had the highest inflows of $138 million, followed by Fidelity with $21 million in inflows.
The ETF inflows coincide with a rising demand for Bitcoin long positions. The top traders on Hyperliquid now hold the highest number of long positions since September 2025, per Glassnode data.
Glassnode also notes that these traders are more bullish on Bitcoin at the current price of $64,000 than they were when the price reached $83,000 in May 2026.
This long positioning suggests that these traders expect the price of bitcoin to keep rising despite the conflict between the US and Iran.