Bitcoin has climbed while oil has dropped to a 125-day low after progress in U.S.-Iran negotiations and weaker-than-expected U.S. jobs data boosted risk appetite across financial markets.
Summary
- U.S.-Iran talks in Doha showed positive progress, sending oil to a 125-day low as both sides agreed to resume negotiations on July 18.
- Bitcoin gained about 2.5% after easing geopolitical tensions and weaker-than-expected U.S. jobs data reduced Fed rate hike expectations.
- Bitcoin is approaching the key $62,500 resistance, where a long-term descending trendline aligns with the 50% Fibonacci retracement.
According to Pakistan’s Ministry of Foreign Affairs, indirect talks between U.S. and Iranian negotiators concluded in Doha with mediation from Qatar and Pakistan, producing what the ministry described as “positive progress.”
The ministry said both sides agreed to resume negotiations after the funeral of former Iranian supreme leader Ali Khamenei, with July 18 indicated as the target date for the next round.
The diplomatic update followed comments from President Donald Trump, who wrote on Wednesday that the U.S.-Iran talks had been “going well” and that Iran’s denuclearization process was progressing.
As previously reported by crypto.news, Trump’s remarks had already improved investor confidence before the official confirmation from Pakistan.
Oil slides as geopolitical tensions ease
Energy markets reacted quickly after signs that negotiations would continue. West Texas Intermediate crude fell to $67.34 per barrel, while Brent crude declined to $70.39. WTI also slipped below $67.50 for the first time in 125 days, trading beneath the level seen before the U.S. launched strikes against Iran.
The move extended oil’s decline from above $100 in May, with prices breaking through several support areas around $70, $67.50 and now $67. Gasoline prices have also fallen by roughly 70 cents over the past month, adding to expectations that easing geopolitical tensions could continue to weigh on energy markets if negotiations advance further.
Although negotiators have not reached a final agreement, the scheduled July 18 meeting gives markets a window of relative stability to assess diplomatic progress. Analysts cited in the original report cautioned that negotiations remain incomplete, meaning any setback could quickly change investor sentiment.
Bitcoin targets key resistance after jobs data
Crypto markets strengthened alongside the decline in oil prices, with Bitcoin rising about 2.5% over the past 24 hours to trade near $61,542. The rally also gained support after weaker-than-expected U.S. labor market data reduced expectations that the Federal Reserve would deliver another interest rate hike this year.
According to the U.S. Bureau of Labor Statistics, the U.S. economy added 57,000 nonfarm payroll jobs in June, well below economists’ forecast of 115,000. The agency also revised May’s payroll growth lower by 43,000 jobs, ending a three-month period in which employment gains had consistently exceeded expectations. Meanwhile, the unemployment rate came in at 4.2%, slightly below the expected 4.3%, indicating that hiring slowed while the labor market remained relatively resilient.
On the technical side, Bitcoin has climbed about 2.5% over the past 24 hours to trade near $61,542 at press time. As previously reported by crypto.news, Bitcoin is approaching a decisive technical level near $62,500, where a long-standing descending trendline meets the 50% Fibonacci retracement drawn from the June 15 high to the July 1 low.
As per the report, a move above both the trendline and horizontal resistance would break the pattern that has defined the market over the past month, while failure to reclaim that area could leave the recent corrective structure intact as investors continue watching both the July 18 diplomatic talks and incoming U.S. economic data.