Bitcoin Price Outlook as Cathie Wood Says Bull Case For Oil is Dying Amid US-Iran Peace Progress

Bitcoin (BTC) price is up by 2.46% today, July 3, to trade at $61,644 at the time of writing. These gains come as ARK Invest CEO Cathie Wood says that oil’s bull market has ended after President Donald Trump said that the US and Iran are making progress in their negotiations for peace.

Trump’s statement is bringing back demand for risk assets, leading to the crypto market cap rising by 2.63% to $2.13 trillion per CoinMarketCap data.

Cathie Wood Calls End of Oil Bull Case

Wood was speaking in the latest episode of “In The Know,” where she said that the reopening of the Strait of Hormuz on June 17 will increase the oil supply, and this will cause oil prices to go down.

She added that the Strait’s reopening means that the bull case for oil is diminishing because 20% of the global oil supply that was previously blocked from passing through Hormuz by the US and Iran will now find its way into the market.

“As Hormuz opens up more and more, we think that oil price could drop precipitously,” Wood said.

Crude oil trades at $68 today, July 3, with this being the lowest price that this commodity has touched since February 2026.

The price of oil could keep falling as Bitcoin rises after negotiators from the US, Qatar, and Pakistan wrapped up talks on July 2, with the second round of negotiations set for July 18.

Bitcoin Price Soars on Easing Geopolitical Tensions

Bitcoin price has moved from $57,800 on July 1 to $61,700 today, July 3, as buyers come back because of the easing tensions between the US and Iran.

The four-hour chart shows that when BTC dropped to $57,800 on July 1, it collected the sell-side liquidity left behind during the June 25 crash.

This uncollected liquidity was pulling the price down, but after BTC dropped on July 1 to collect it, it is now making a healthy uptrend.

The bounce from the support of $57,800 on June 25 and July 1 has created a double-bottom pattern. This pattern usually suggests that the trend is about to shift from a downtrend to an uptrend.

Bitcoin has also moved above the neckline resistance of $60,900, and it has made five straight closes above it. If buying pressure continues to rise, BTC price could move to the next obstacle at $63,944.

The RSI reading of 61 supports a bullish long-term Bitcoin price forecast. The AO bars that are green and growing in length also suggest that the momentum is favoring bulls.

Bitcoin could move to the target of $67,000 if buyers remain in control. However, if it makes three straight closes below the support of $60,900, it will invalidate the bullish thesis.

Analyst Reveals Bitcoin Bottom Signal as ETF Inflows Return

A previous CoinGape report revealed that Grayscale says that Bitcoin has reached its bottom, and analyst Ali Charts now supports this thesis.

In an X post, the analyst said that the TD Sequential Indicator on Bitcoin’s one-month chart is flashing a buy signal. He added that the signal has also appeared for Ethereum, XRP, and Solana, suggesting that the sellers who were pushing crypto prices down are exhausted.

Institutions also seem to support that Bitcoin price has bottomed because data from SoSoValue shows that spot BTC ETFs had $221 million in inflows on July 2.

The $221 million inflows were the highest that these ETFs have seen since the $467 million inflows seen on May 5.