Bitcoin nears seven-week high as stocks ignore Iran strikes, Trump 10% tariff plans
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- Bitcoin approached $67,000 and neared seven-week highs at Tuesday's Wall Street open, with BTC/USD momentum showing no signs of stopping despite geopolitical and macroeconomic headwinds.
- Crypto and US stocks brushed off US-Iran war escalation and Trump's plans for new 10% international trade tariffs, with traders like Cubic Analytics' Caleb Franzen saying they had 'zero fear' about S&P 500 futures.
- The US-Iran war escalated as Iran struck Amazon facilities in Bahrain in retaliation for US strikes, while the Strait of Hormuz oil route remained closed — pushing WTI crude above $85 per barrel, its highest level in over a month.
- JPMorgan CEO Jamie Dimon warned that markets were treating current geopolitical and trade risks too lightly, contrasting with trader sentiment summarized by Crypto Rover as 'Markets are pricing in peace.'
- Keith Alan of Material Indicators cautioned that the bear market remained intact despite a Monday 'golden cross' of the 21-day and 50-day SMAs, noting the macro trend would only be challenged if BTC pushed above the 21-week SMA at $69,720.
Why it matters: Bitcoin's push toward $67,000 despite oil spiking past $85 and fresh tariff threats shows risk appetite decoupling from traditional safe-haven logic. If BTC clears the 21-week SMA at $69,720, the bear market thesis collapses; but Dimon's warning hints traders betting on quick resolution face a sharp reversal if Iran or tariff situations escalate further.
