Bitcoin’s ($BTC) price is up to start the trading week as crude oil continues to trend lower.
In mid-afternoon trading on June 22, BTC is changing hands at $64,500, its highest level in several days. Bitcoin had declined as low as $62,000 over the past weekend. Cryptocurrencies such as Bitcoin trade around the clock, 24 hours a day, seven days a week.
Analysts are attributing the recovery in Bitcoin to the ongoing decline in crude oil prices, which have been steadily falling since the U.S. and Iran announced the framework for a permanent peace deal a week ago. Brent crude oil, the international standard, is currently at $77.71 per barrel. In April, crude prices were above $110 per barrel.
Shaking Off the Fed
Market observers also say that Bitcoin is getting a lift as investors look past an increasingly hawkish stance on interest rates by the U.S. Federal Reserve. At its June 17 policy meeting, the Fed indicated that interest rates are likely to move higher in this year’s second half.
Higher interest rates are typically bad news for risk assets such as crypto. Prices for digital assets immediately fell at the conclusion of the U.S. central bank’s latest meeting. However, analysts say that expectations for higher interest rates are now baked into the market, enabling investors to digest the news and move forward.
BTC’s Three-Month Performance
Not enough analysts cover Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, Bitcoin’s price has declined 9% in the past 12 weeks.
