Bitcoin Hits Two-Week High on Hormuz Strait Agreement

Bitcoin's price rose to its highest level in two weeks following an agreement between the US and Iran regarding the Strait of Hormuz. This development created a positive sentiment in the cryptocurrency market as geopolitical risks diminished. Markets are now focused on the US Federal Reserve (Fed) interest rate decision scheduled for Wednesday. Investors are assessing the potential impact of possible changes in the Fed's monetary policy on Bitcoin and other crypto assets. The news of the agreement allowed Bitcoin to test short-term resistance levels, while a noticeable increase in trading volumes was observed. Analysts note that the reduction in geopolitical uncertainties is supporting risk appetite. However, cautious anticipation prevails in the markets ahead of the Fed's interest rate decision. Experts emphasize that supportive macroeconomic data is necessary for Bitcoin to sustain its current rally. This is not investment advice.