Bitcoin bounces after Trump Iran peace deal talk; eyes $65K resistance
Bitcoin reclaimed the $63K area after Donald Trump said the U.S. had canceled planned strikes/bombings on Iran and that a peace deal was nearing completion. The move reversed losses sparked by hotter-than-expected U.S. producer inflation data.
On June 11, BTC recovered from around $62,300 to a high near $63,700, trading around $63,446 (+2.8% from the intraday low). Earlier, U.S. Bureau of Labor Statistics figures showed May Producer Price Index up 1.1% vs 0.6% forecast, with annual PPI at 6.5% (core PPI +0.8%), pushing risk assets lower and briefly pressuring Bitcoin toward ~$62,500.
Trump’s remarks (via Truth Social) said discussions reached the highest Iranian leadership level and that final agreement points were approved by multiple countries. A naval blockade would remain until the deal is finalized. Markets reacted with a broad “risk-on” shift: oil fell sharply, while major crypto assets rose (ETH toward $1,700; BNB back above $600; SOL up ~5% to near $67).
Technicals now point to a key supply zone. On the 4-hour chart, Bitcoin broke above the ~0.786 Fibonacci level (~$62,389) and is testing a symmetrical triangle breakout. Momentum improved (4H RSI >55; MACD bullish crossover). CoinGlass liquidation data highlights heavy liquidity clustered between $64,500 and $65,000.
With the daily chart still pressured (daily RSI recovering but under 50; MACD negative), traders will watch whether Bitcoin can clear $64,500–$65,000. A decisive break could open a path toward higher levels (article cites ~$68,200), while rejection may invite another pullback ahead of the Fed FOMC meeting on June 16–17.
Bullish
This is bullish for the near term because a geopolitical risk relief signal (Trump saying U.S. strikes were canceled and a U.S.-Iran peace deal is nearing completion) coincided with a rebound in Bitcoin after the PPI-driven selloff. Historically, when macro fear (hot inflation) briefly pushes risk assets down but is then countered by a clear “risk-on” catalyst, BTC often experiences short-covering and momentum bursts, especially if there is nearby liquidation fuel.
The article’s technicals support that: Bitcoin broke above a key 4H Fibonacci level and is testing a triangle breakout area, while momentum indicators improved. CoinGlass liquidation clusters around $64,500–$65,000 matter because they can act as a magnet for price and a catalyst for further upside if buyers keep control.
However, the daily picture is not fully bullish (daily RSI still under 50; MACD still negative), so traders should expect volatility around the $64.5K–$65K resistance. If BTC clears that zone convincingly, upside follow-through toward higher targets becomes more likely; if it fails, the market could revert to a pullback ahead of the June 16–17 FOMC meeting.