Bitcoin has reclaimed the $66,000 level after remarks from U.S. President Donald Trump and reports of a tentative U.S.-Iran peace agreement revived risk appetite across global markets.
Summary
- Bitcoin climbed nearly 5% to $66,829 after Trump said oil ships were moving through the Strait of Hormuz and reports pointed to a tentative U.S.-Iran peace agreement.
- Oil prices fell 5.7% to a two-month low below $80, while spot Bitcoin ETFs recorded $85.9 million in inflows and Strategy added 1,587 BTC worth about $100 million.
- More than $168 million in Bitcoin short positions were liquidated as BTC broke above key resistance near $65,150 and reclaimed bullish momentum.
According to data from crypto.news, Bitcoin (BTC) climbed nearly 5% to an intraday high of roughly $66,829 on June 15 before settling near $66,460 at press time.
Bitcoin price rallied following comments from U.S. President Donald Trump, who wrote on Truth Social that ships carrying oil were once again moving through the Strait of Hormuz, a key route for global energy supplies.
“Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern “Highway,” which is totally safe, secure, and pristine. There are other areas of travel, also!!!”
The comments arrived shortly after reports that the U.S. and Iran had reached a tentative peace agreement expected to reduce risks surrounding the strategic waterway.
Crude oil fell about 5.7% to below $80 per barrel, hitting its lowest level in two months and unwinding part of the geopolitical risk premium that had built up during recent weeks. The decline eased concerns about renewed inflationary pressure and helped improve appetite for risk assets after a difficult start to June.
Institutional flows also showed early signs of stabilization. U.S. spot Bitcoin ETFs attracted $85.9 million in net inflows after five consecutive days of withdrawals. Even so, the rebound remains limited in scope. According to SoSoValue data, the funds have recorded positive flows on just two trading days since May 15 and have collectively lost roughly $5.71 billion over the past five weeks.
Alongside the return of ETF demand, corporate accumulation re-emerged as a source of support. As reported by crypto.news, Strategy disclosed the purchase of 1,587 BTC worth approximately $100 million, just two weeks after its first reported Bitcoin sale in years raised questions about whether the company’s long-standing accumulation strategy was changing.
The latest acquisition helped restore confidence among investors who viewed the earlier sale as a potential sign of weakening institutional conviction.
Bitcoin breaks above key resistance as short sellers unwind
On the daily chart, Bitcoin has reclaimed a major support-turned-resistance zone near $65,150 that had repeatedly acted as a pivot throughout March and April. Bitcoin price has now moved back above that level after briefly falling below $60,000 during last week’s sell-off.
Momentum indicators have improved alongside the recovery. The daily MACD has produced a bullish crossover while its histogram has turned positive for the first time since the June decline began. Chaikin Money Flow has also recovered from deeply negative territory, suggesting capital is returning to the market after weeks of distribution.
The four-hour chart shows Bitcoin breaking out from a descending trendline that had capped price action since late May. Bulls have also pushed the asset above the 61.8% Fibonacci retracement level near $66,402, placing the next resistance zone around $68,640, which aligns with the 50% retracement level. Beyond that, the $70,880 region represents another key hurdle.
Derivatives activity accelerated the move. CoinGlass data showed more than $556.5 million in crypto liquidations over the past 24 hours, including roughly $459.9 million from short positions.
Bitcoin alone accounted for approximately $168.7 million in short liquidations compared with about $23 million from longs, highlighting the scale of the squeeze as traders rushed to cover bearish bets.
Liquidation heatmaps also show dense clusters of leverage concentrated between $67,000 and $68,000. Those zones could act as magnets for price if momentum continues, while substantial liquidity remains below the market around the $64,500-$65,000 area.
On-chain data suggests buyers have returned after Bitcoin’s correction to the $60,000 region. According to Glassnode, accumulation trend scores have increased across multiple wallet cohorts following the recent decline. The firm noted that supply is being absorbed after the move lower, a development that historically accompanies periods of renewed demand.
Options positioning presents another supportive factor. Glassnode observed that Bitcoin has moved back into a dense cluster of options exposure around the $65,000 strike, where dealer hedging flows may help stabilize price action after recent volatility.
Fed uncertainty and $65K support remain critical
Not all analysts view the move as a confirmed trend reversal. Commenting on the rally, crypto analyst Ted Pillows argued that recent price action looked more like a liquidity grab than a decisive breakout.
“If $BTC can maintain strength above $65,000, a move toward the $68,000-$70,000 range is possible.”
Despite the bullish price action, Pillows said the overall market trend remains bearish until further confirmation appears.
A different view came from crypto analyst Scott Melker, who pointed to Bitcoin’s repeated defense of its 200-week moving average and a bullish divergence on the weekly RSI. Melker noted that similar conditions have historically appeared near major market bottoms.
Attention now turns to next week’s Federal Reserve meeting on June 16-17. Any indication from policymakers that inflation remains a concern despite the recent decline in oil prices could weigh on risk assets and challenge Bitcoin’s recovery.
From a technical standpoint, a sustained move back below $65,000 would weaken the recent breakout and place the $63,200-$64,000 support region back into focus.
From a technical perspective, a move back below $65,000 would place the reclaimed support zone at risk and expose Bitcoin to another test of the $63,200-$64,000 area, where the recent breakout structure would begin to weaken.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
