BTC Reaches New Three-Week High Near $64K Amid Oil Price Decline
Vexoda Newsroom
Bitcoin (BTC) has surged to a new three-week high near $64.3K as oil prices fell and the US dollar strengthened, creating crucial resistance at $65K.
On July 10, 2026, Bitcoin (BTC) made significant gains, reaching $64,377.20 after a week of fluctuating market conditions. The price action diverged from the strengthening US dollar and rising oil prices, with key resistance now set at $65K.
The upward momentum in BTC was supported by ongoing hopes for an improved relationship between the United States and Iran, which kept crude oil prices lower than expected. US WTI crude oil fell below $76 per barrel as it rejected a price of $76, creating downward pressure on commodity markets that typically correlate with crypto assets.
Meanwhile, the US dollar index (DXY) approached its lowest levels since mid-June, reflecting broader market trends. Trading company QCP Capital warned about growing economic risks, particularly highlighting the low level of the Strategic Petroleum Reserve (SPR), which at 319.5 million barrels was at an all-time low since 1983.
Despite these challenges, some analysts remained optimistic for BTC's long-term prospects. The Kobeissi Letter noted a decline in inflation expectations to below 20% and suggested that the markets were looking better day by day. Crypto trader Michaël van de Poppe also highlighted oil prices as key factors supporting potential upside across various assets.
The market reaction was mixed, with BTC bulls facing crucial resistance at $65K but showing resilience in its upward trajectory. Traders should watch for any break above this level, which could lead to a significant uptrend reversal and potentially impact altcoins' performance positively.
In conclusion, while the current environment presents challenges due to economic uncertainties and market correlations, BTC's recent gains suggest ongoing bullish sentiment among investors.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.