BTC Rallies Above $66K on US–Iran Peace Signals, ETF Outflows Persist
Bitcoin (BTC) surged above $66,000, extending its ~4% weekly rebound after reports of a preliminary US–Iran peace agreement. Iran’s Supreme National Security Council confirmed an MoU calling for cessation of military operations across fronts, while the US signaled it authorized reopening the Strait of Hormuz and removal of a US naval blockade. Pakistan’s prime minister said a finalized deal is expected to be signed in Switzerland, with negotiations continuing during a proposed 60-day ceasefire.
The macro backdrop turned risk-on. Oil prices fell after the news, helping ease inflation and energy fears. BTC’s move also lifted broader markets.
However, institutional demand remains weak. US spot Bitcoin ETFs saw net outflows of about $315.84 million last week, extending withdrawals for a fifth straight week since mid-May. That supply overhang may limit further upside unless retail demand absorbs it.
Technically, BTC’s 4-hour chart is improving: MACD turned positive and RSI is near 71. Key levels cited are $70,704 (50-day EMA) for resistance and $64,004 for support. A breakdown below support could revive bearish pressure, especially since BTC is still below major moving averages and a previously broken uptrend line.
Bullish
BTC is reacting positively to improving US–Iran geopolitics, which supports broader risk sentiment and short-term momentum. The article also flags a near-term technical tailwind (4-hour MACD positive, RSI ~71) that can attract continuation trades toward the $70,704 area.
However, the view is bullish but not “clean”: persistent US spot Bitcoin ETF outflows (~$315.84M last week) suggest institutional selling pressure and could cap gains if retail does not step in. The bigger trend remains challenged (BTC below major moving averages and a broken uptrend line), so traders should manage risk around the $64,004 support—loss of that level would likely shift momentum back toward bearish conditions.