Bitcoin price rebounded above $67,000 as the U.S.-Iran agreement to end hostilities and reopen the crucial Strait of Hormuz shipping route triggered a risk-on sentiment.
- The Bitcoin price trades below downsloping exponential Moving averages, indicating the current recovery needs more time to validate its sustainability.
- A preliminary agreement between the United States and Iran improved investor confidence and boosted risk assets.
- On-chain data indicate Michael Saylor’s Strategy acquired another 1,587 BTC for approximately ~$100 million, and Vivek Ramaswamy’s Strive bought 72 BTC for $4.7M.
Bitcoin, the original cryptocurrency, is up 2.18% during Monday’s U.S. market hours to reach $67,150. The buying pressure today is primarily driven by easing geopolitical tensions from a U.S.-Iran peace deal, which has reopened the Strait of Hormuz. In addition, the Bitcoin price gets an additional boost as Strategy bought another 1,587 BTC and Strive also acquired 73 BTC, further bolstering the market rebound.
Crypto Market Jumps 5% as US-Iran Peace Deal Sparks Rally
On Monday, June 15th, the global crypto market cap jumped 5.26% to reach the $2.3 trillion mark. The buying pressure can be linked to easing geopolitical tensions as the United States and Iran reached a preliminary peace agreement to end hostilities and reopen the crucial Strait of Hormuz shipping route.
In a TruthSocial post, Trump announced that oil-loaded ships have begun moving through the Strait of Hormuz along a safe southern route, highlighting reduced disruptions in this key global oil chokepoint.
Investors reallocated capital to digital assets, which had been under selling pressure for the past few weeks.
Privacy coin Zcash led advances with a 23% gain in the last 24 hours. NEAR Protocol increased by 17% during the same period. A handful of other altcoins that have lost steam in the geopolitical turmoil saw strong recoveries. The major cryptocurrencies Bitcoin and Ethereum saw moderate gains, while smaller coins took the lead in the early surge.
During the price recovery, corporate accumulation continued. Strategy executed a purchase of 1,587 bitcoin at a cost of $100 million. This deal increased its supply of bitcoins to 846,842. Meanwhile, the company increased its USD reserves by $100 million, to USD 1.1 billion.
Additionally, public company Strive acquired 73 bitcoins valued at nearly $4.7 million. It now holds $1.21 billion worth of bitcoins.
Trading activity intensified following confirmation of the agreement. Funds previously held back amid uncertainty returned to the market, supporting price action, particularly in spot markets. Privacy-related tokens and select layer-one blockchain projects saw outsized participation. The volumes increased on both the leading exchanges as traders rebalanced after de-escalation signals were given.
Market reaction showed the sector’s sensitivity to the changes in the global risk sentiment, and as soon as clarity came from the front of the US-Iranian nuclear deal, the market repriced quickly.
Bitcoin Price Triggers a Failed Breakdown Below Multi-Month Support
Over the past week, the Bitcoin price showed a bullish rebound from $59,100 to $67,238, registering a gain of 13.8%. While the upswing is fueled by the U.S.-Iran deal, the broader technical chart shows a key breakdown failure from a multi-month support trend.
As shown in the chart below, the Bitcoin price breached below a long-awaited support trendline during the early-June correction. This support managed to push the Bitcoin price higher after the August 2024 low and February 2026 low.
Therefore, the last breakdown signaled the risk of prolonged correction initially, but the thesis reversed along with price reclaiming this trend.
That said, the trading volume supporting the price is relatively low compared to the recent breakdown, indicating weak conviction from buyers. Therefore, the Bitcoin price could enter a short consolidation above the $63,500 in the second half of June, before establishing a sustainable recovery for a higher leap.
The 20-day EMA slope challenging BTC at $66,700 signals a greater change for a temporary pullback to support the trendline again before buyers could regain bullish momentum.
