Bitcoin Rebounds Above $65K as US-Iran Deal Reopens Hormuz
Bitcoin surged to about $65,844, a nearly two-week high, rising 2.1% in 24 hours after a US-Iran deal to reopen the Strait of Hormuz eased energy-supply fears. The rally followed a prior dip toward $63,722 and lifted Bitcoin roughly 9% above last week’s sub-$60,000 low. Bitcoin also benefited from macro relief: Brent crude fell more than 4% toward $83, the dollar weakened, and Asian equities jumped.
Crypto leaders joined the rebound. Ether rose to around $1,721 (+2.5%), Solana gained to about $71 (+3.6%), XRP added roughly 3.2% to $1.19, and Hyperliquid’s HYPE jumped 7.5% to nearly $65.
Still, the rebound faces headwinds. ETF flows and corporate selling remain a concern: Strategy sold 32 BTC to fund preferred-share dividends (its first sale since 2022), and spot Bitcoin ETF outflows previously pressured price, though flows turned positive on June 13 with $85.8M net inflows—the first green day in about four weeks.
Traders now face the key question: does the “Iran oil relief trade” keep lifting risk assets and Bitcoin, or does the market stall once the news-driven move is fully priced in?
Bullish
This news is likely bullish for crypto—especially in the short term—because it triggers a classic risk-on relief trade. Bitcoin jumped as the US-Iran deal to reopen the Strait of Hormuz reduced a key energy-supply/geo-risk premium that had been supporting higher oil and tighter financial conditions. When Brent crude slid more than 4% and the dollar weakened, the macro backdrop became friendlier to risk assets, which typically benefits Bitcoin and correlated majors.
However, the bullish impulse may be uneven. Strategy’s reported sale of 32 BTC and prior spot Bitcoin ETF outflows show that supply pressure is still present. While ETF flows improved on June 13 (net inflows of $85.8M), traders will likely watch whether institutions sustain buying or if price rises mainly reflect temporary positioning.
Historically, similar geopolitical “de-escalation” moments often produce sharp, but sometimes short-lived, crypto rallies as markets unwind hedges and reallocate risk. If oil keeps falling and rates expectations ease, the long-term tone could remain supportive. If the market quickly prices the relief and ETF selling returns, Bitcoin could consolidate or retrace despite the geopolitical headline.