Bitcoin climbs 2.5% after oil hits 125-day low on Iran talks, weak jobs

Bitcoin climbed about 2.5% over the past 24 hours, trading near $61,542. West Texas Intermediate crude fell to $67.34 a barrel, its lowest in 125 days. The moves followed progress in U.S.-Iran negotiations and a weaker-than-expected U.S. jobs report that boosted risk appetite across markets.

Pakistan’s Ministry of Foreign Affairs said indirect talks between U.S. and Iranian negotiators concluded in Doha with mediation from Qatar and Pakistan. The ministry described the outcome as “positive progress.” Both sides agreed to resume talks after the funeral of former Iranian supreme leader Ali Khamenei, with July 18 indicated as the target date for the next round.

President Donald Trump wrote Wednesday that the negotiations were “going well” and that Iran’s denuclearization was on track. Crypto.news earlier reported that Trump’s remarks had already improved confidence before the official confirmation.

Energy markets reacted quickly. West Texas Intermediate crude fell to $67.34 a barrel. Brent crude slid to $70.39. WTI dropped below $67.50 for the first time in 125 days, trading under the level it held before the U.S. launched strikes against Iran. The decline extended from above $100 in May, breaking support at $70 and $67.50. Gasoline prices have fallen roughly 70 cents over the past month, adding to expectations that easing geopolitical tensions could continue to weigh on energy markets if negotiations advance further.

Crypto markets also got a lift from U.S. labor market data that missed expectations. The Bureau of Labor Statistics said the economy added 57,000 nonfarm payroll jobs in June, well below the 115,000 forecast. May’s payroll gain was revised lower by 43,000 jobs. The unemployment rate came in at 4.2%, slightly under the expected 4.3%, signaling slower hiring in a still-resilient labor market.

On the technical side, Bitcoin is approaching a decisive level near $62,500, where a long descending trendline meets the 50% Fibonacci retracement from the June 15 high to the July 1 low. A move above both the trendline and horizontal resistance would break the corrective pattern of the past month. Failure to reclaim that area could leave the recent structure intact.

Analysts cited in the original report cautioned that no final agreement has been reached. Any setback could quickly reverse the move in oil, they said. The July 18 meeting gives markets a window of relative stability to gauge diplomatic progress. Negotiations remain incomplete.

The next round of indirect talks is scheduled for July 18. Until then, traders are watching both the diplomatic signals and incoming U.S. economic data for the next catalyst.