15th July 2026- (New York) Bitcoin mounted a sharp recovery on 14 July, rallying from below $63,000 to a multi‑week high of $64,913 before settling near $64,500, even as geopolitical tensions in the Middle East intensified.
The leading cryptocurrency recorded a 4.2 per cent gain over 24 hours, lifting its market capitalisation above $1.29 trillion and pushing the total value of the digital asset market beyond $2.3 trillion.
The advance gathered pace shortly after 8.30am EDT, when bitcoin climbed rapidly from about $62,900 to $64,000 within an hour. After consolidating above $63,500, a further wave of buying propelled the token beyond $64,000, culminating in its intraday peak just shy of $65,000.
Data from Coinglass indicated that the sudden upswing caught bearish traders off guard. Approximately $105 million in bitcoin short positions were liquidated during the session, compared with around $8 million in long positions. Across the broader cryptocurrency market, total liquidations reached roughly $377 million, of which $277 million were short bets.
The rally came despite continued US military strikes on Iranian targets, which have contributed to rising oil prices. Brent crude briefly touched $87 a barrel before easing to just under $85, while West Texas Intermediate traded below $80.
Market sentiment was partly supported by fresh US inflation figures showing consumer prices rose 3.5 per cent year on year in June, lower than many had anticipated. The data tempered expectations of further aggressive monetary tightening, easing bond yields and stabilising equity markets.
However, analysts caution that sustained hostilities near the Strait of Hormuz could drive energy prices higher and complicate the inflation outlook. Any renewed surge in oil costs may dampen hopes of interest rate cuts by the Federal Reserve, a factor closely watched by cryptocurrency investors.