BTC rally pass $66K as US–Iran dey send peace signals, ETF dem still dey pull out
Bitcoin (BTC) jump over $66,000, extending about 4% weekly rebound after reports say US–Iran get preliminary peace agreement. Iran Supreme National Security Council confirm MoU that call for stopping military operations across fronts, while US signal say e authorize to reopen Strait of Hormuz and remove US naval blockade. Pakistan prime minister say final deal expected to be signed in Switzerland, with talks to continue during proposed 60-day ceasefire.
Macro backdrop turn risk-on. Oil prices drop after the news, helping ease inflation and energy fears. BTC move also lift broader markets.
But institutional demand still weak. US spot Bitcoin ETFs saw net outflows of about $315.84 million last week, extending withdrawals fifth week in a row since mid-May. That supply overhang fit limit further upside unless retail demand absorb am.
Technically, BTC 4-hour chart dey improve: MACD turn positive and RSI near 71. Key levels mentioned na $70,704 (50-day EMA) as resistance and $64,004 as support. Breakdown below support fit bring back bearish pressure, especially as BTC still under major moving averages and previously broken uptrend line.
Bullish
BTC dey react well to the better US–Iran geopolitics, wey dey support wider risk sentiment and short-term momentum. The article still point out near-term technical tailwind (4-hour MACD positive, RSI ~71) wey fit attract continuation trades toward the $70,704 area.
But the view na bullish but e no clean: the steady US spot Bitcoin ETF outflows (~$315.84M last week) dey show institutional selling pressure and fit cap gains if retail no step in. The bigger trend still dey challenged (BTC under major moving averages and broken uptrend line), so traders suppose manage risk around the $64,004 support—if that level loss happen e go likely shift momentum back to bearish conditions.