Bitcoin climbed back above the $65,000 mark on Monday, June 22, as easing geopolitical tensions in the Middle East and declining oil prices improved investor confidence across global markets.
After touching an intraday low of $63,230, Bitcoin advanced to $65,468 before settling near $65,000 later in the day. The rebound followed a series of diplomatic developments involving the U.S. and Iran that helped lift broader market sentiment.
The U.S. Treasury announced a temporary authorization permitting the production, transportation, and sale of Iranian petrochemicals, crude oil, and petroleum products through August 21, 2026. Treasury Sec. Scott Bessent said recent negotiations held in Switzerland had produced encouraging results.
According to Bessent, Iran agreed to preserve open passage through the Strait of Hormuz and allow inspectors from the International Atomic Energy Agency to resume operations inside the country.
Further optimism emerged after U.S. Vice President JD Vance stated that Tehran had accepted the return of nuclear inspectors. He described the decision as a sign that Iranian authorities were prepared to distance themselves from nuclear ambitions.
Market participants also reacted to reports indicating that American and Iranian officials had outlined a framework aimed at securing a comprehensive peace agreement within the next 60 days.
Crude oil prices slid to roughly $74 per barrel, extending recent declines and reaching their lowest level since early March. The drop eased fears that instability in the region could disrupt energy supplies or contribute to renewed inflationary pressure.
Meanwhile, activity through the Strait of Hormuz appeared to improve. Marine Traffic figures showed a notable increase in vessel movements between June 19 and June 21, with 71 confirmed passages recorded. The busiest day was June 20, when 35 ships traveled through the strategic waterway.
Shipping data also revealed that more commercial vessels were operating with active Automatic Identification System signals, a development often viewed as a sign of growing confidence among operators. The trend followed reports that restrictions on maritime traffic had been removed after a ceasefire arrangement reopened the route.
Traders are closely monitoring whether Bitcoin can maintain its position above $65,000. The crypto has regained a key price area near $65,150 that previously shifted from support to resistance after June’s decline. Momentum indicators have improved, though they remain below neutral territory.
Analysts are now watching resistance between $68,200 and $68,500. They note that the latest rally appears driven primarily by short-covering activity rather than confirmation of a lasting trend reversal. Significant liquidity remains concentrated around the $68,000 to $70,000 range, an area that could continue attracting price action. However, failure to hold current levels could see Bitcoin retreat toward $63,200, with stronger support located near $62,000.
As the price of Bitcoin continues to recover from the slump it experienced during active military operations between the U.S. and Iran, enterprises like BitFuFu Inc. (NASDAQ: FUFU) could see an increase in the demand for their crypto mining solutions over the coming weeks.
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