Bitcoin Price Rises on Iran Peace Deal

Bitcoin rallied toward $66,800 this week, recovering from a slide to $59,000, as markets reacted to news of a potential peace deal between the US and Iran [1].

The cryptocurrency climbed through the $66,000 mark after President Donald Trump announced a deal to reopen the Strait of Hormuz, a move that sent Brent crude sliding more than 4% toward $84 a barrel [1]. The conflict had previously driven oil higher and fueled inflation expectations, creating pressure on risk assets; the prospect of peace unwound that pressure, pushing the broader crypto market cap back above $2.3 trillion [1]. WTI crude also fell below $80 per barrel as US stock futures surged on the news [3].

While retail sentiment remained fragile, institutional buyers stepped in to accumulate during the drawdown [1]. Michael Saylor’s Strategy disclosed it purchased 1,587 BTC between June 8 and June 14 at an average price of $63,024, bringing its total holdings to 846,842 BTC [1]. Dallas-based asset manager Strive also added 32 BTC to its treasury at an average of $63,911 during the first week of June [1]. Coinbase CEO Brian Armstrong suggested the market likely bottomed around the $60,000 level, though he acknowledged uncertainty remains [1].

Traders are now eyeing $69,000 as a potential short-term target, viewing the area as a likely point for a short squeeze [3]. However, technical analysts warn that the recovery is not yet guaranteed. Rekt Capital noted that the 200-week simple moving average near $62,000 has historically proven to be unreliable support, and the process of forming a bear market bottom typically takes months [2]. Bitcoin is currently trading roughly 47% below its all-time high of $126,277 set in October 2025 [1].

The market now waits to see if bulls can sustain momentum toward $69,000 or if the historical volatility of the 200-week trend line signals another leg down.