Bitcoin regained the $65,000 level after the US Treasury Department temporarily allowed Iranian oil sales amid progress in talks with Tehran.
summary
- Bitcoin rose above $65,000 after the US Treasury temporarily allowed Iranian oil sales until August 2026.
- Lower oil prices and signs of progress in US-Iran negotiations improved market sentiment and supported riskier assets.
- The technical charts show that Bitcoin is trying to breakout, with the $68,200-$68,500 area emerging as the next major resistance area.
According to data from crypto.news, Bitcoin (Bitcoin) rose more than 3.5% from an intraday low of $63,231 to a high of $65,468 on Monday, June 22, before retreating to around $65,000 at press time. The asset recovery came as investors responded to signs of improving geopolitical conditions and lower energy prices.
In a statement issued on June 22, the US Treasury Department Announce A general license allowing the production, delivery and sale of crude oil, petroleum products and petrochemicals of Iranian origin until August 21, 2026.
Treasury Secretary Scott Besent linked the decision to recent diplomatic developments in Switzerland. Besant stated that the ongoing talks were productive and noted that Iran had committed to maintaining freedom of transit through the Strait of Hormuz while also allowing IAEA inspectors to return to the country.
Additional support for market sentiment came after US Vice President J.D. Vance said Iran had agreed to allow nuclear inspectors to return to the country, a move he described as evidence of Tehran’s desire to move away from its nuclear programme.
Lower oil prices have improved risk appetite
Reports that the United States and Iran have agreed on a roadmap aimed at reaching a final peace deal within 60 days weighed on energy markets throughout Monday.
Oil prices fell to about $74 per barrel, continuing their losses to reach their lowest levels since early March. Lower crude oil prices eased concerns that a prolonged conflict in the Middle East could disrupt global energy supplies or increase pressure on inflation.
Such as crypto.news I mentioned Earlier in the day, Pakistan and Qatar issued a joint statement after the talks held in Switzerland over the weekend, saying that the two sides have established a framework to reach a permanent agreement within 60 days.
While Bitcoin has benefited from improved risk sentiment, gains have extended beyond the cryptocurrency market. Gold rose 1.1% on the day, while silver advanced nearly 3%, suggesting that investors continued to maintain exposure to traditional safe-haven assets even as risk markets recovered.
Traffic in the Strait of Hormuz returns to normal levels
Shipping activity through the Strait of Hormuz also showed signs of stabilization after concerns that the waterway might be exposed to disturbances.
According to Marine Traffic data, ship movements along the strategic shipping route increased sharply between 19 and 21 June, with 71 confirmed crossings recorded during this period. Traffic peaked on June 20, when 35 ships passed through the strait.
Marine traffic data also showed that an increasing number of commercial ships were operating with active AIS signals, indicating improved confidence among shipping operators. This increase followed reports that the naval blockade had been lifted, and after Iran reopened the strait under the terms of a ceasefire memorandum signed last week.
Bitcoin price is facing major resistance near $68,000
Technical indicators suggest that traders are now watching whether Bitcoin can build on its move above $65,000.
On the daily chart, BTC has reclaimed the previous support area near $65,150 which served as resistance after the June sell-off. The bounce has pushed the daily RSI higher from oversold conditions, although momentum remains below the neutral 50 level.
Meanwhile, the four-hour chart shows that Bitcoin is trying to break out of the multi-week symmetrical triangle pattern that formed after the sharp decline from its May highs. The breakout zone closely corresponds to the 23.6% Fibonacci retracement level near $64,768.
A sustained move above current levels could open the door to the $68,200-$68,500 resistance area, where the 38.2% Fibonacci retracement and the daily Supertrend indicator meet.
Comment Regarding the latest Bitcoin setup, analyst Lennart Snyder suggested that Bitcoin’s recent advance appears to be driven by a squeeze on short positions rather than a decisive trend reversal.
“The 68K/69K area is a liquidity range I have been mentioning for a long time now, and is still a range to watch carefully.”
“There is a lot of money to be made for market makers at 68-70k,” Snyder added, highlighting an area where liquidity could continue to push the price of Bitcoin higher.
However, from a technical perspective, Bitcoin must first establish $65,000 as support. Rejection from current levels could take the asset back towards $63,200, while $62,000 remains the next important support area.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
