Bitcoin recovered to the $65,000 level after the US Treasury temporarily authorized Iranian oil sales amid progress in negotiations with Tehran.
According to data from crypto.news, Bitcoin ($BTC) climbed more than 3.5% from an intraday low of $63,231 to a high of $65,468 on Monday, June 22, before falling back to around $65,000 at press time. The asset’s rally came as investors reacted to signs of improving geopolitical conditions and falling energy prices.
In a statement issued on June 22, the US Treasury announced a blanket license authorizing the production, delivery and sale of crude oil, petroleum products and petrochemicals of Iranian origin until August 21, 2026. Treasury Secretary Scott Bessent linked the decision to recent diplomatic developments in Switzerland. Bessent said the ongoing negotiations had been productive and noted that Iran was committed to maintaining free transit through the Strait of Hormuz while allowing inspectors from the International Atomic Energy Agency to return to the country.
Market sentiment received further support after US Vice President JD Vance said Iran had agreed to allow nuclear inspectors back into the country, a move he described as evidence of Tehran’s desire to move away from its nuclear program.
Lower oil prices have improved risk appetite
Reports that the United States and Iran have agreed to a road map aimed at a final peace deal within 60 days weighed on energy markets throughout the day Monday. Oil prices fell to around $74 a barrel, extending losses and hitting their lowest levels since early March. Falling crude prices have eased fears that a protracted conflict in the Middle East could disrupt global energy supplies or increase pressure on inflation. As previously reported, Pakistan and Qatar issued a joint statement following negotiations held in Switzerland over the weekend, saying the two sides had established a framework to reach a permanent agreement within 60 days.
While Bitcoin has benefited from improving risk sentiment, the gains have extended outside of the crypto market. Gold rose 1.1% on the day, while silver rose almost 3%, indicating that investors continued to maintain their exposure to traditional safe-haven assets even as risk markets recovered.
Traffic in the Strait of Hormuz returned to normal levels
Maritime activity through the Strait of Hormuz has also shown signs of stabilization following fears that the waterway could face disruption. According to maritime traffic data, vessel movements using the strategic shipping route increased sharply between June 19 and 21, with 71 confirmed transits recorded during this period. Traffic peaked on June 20, when 35 ships passed through the strait. The data further showed that an increasing number of commercial vessels were operating with automatic identification system signals active, suggesting improved confidence among maritime operators. The increase followed reports that a naval blockade had been lifted and came after Iran reopened the strait under the terms of a ceasefire memorandum signed last week.
Bitcoin price faces key resistance near $68,000
Technical indicators suggest traders are now watching to see if Bitcoin can continue its move above $65,000. On the daily chart, $BTC reclaimed a former support zone near $65,150 that had acted as resistance after the June sell-off. The rebound pushed the daily RSI higher from oversold conditions, although momentum remains below the neutral level of 50.
Meanwhile, the four-hour chart shows Bitcoin attempting to break out of a multi-week symmetrical triangle pattern that formed after the sharp decline from May highs. The breakout zone closely aligns with the 23.6% Fibonacci retracement level near $64,768. A sustained move above current levels could open the door to the $68,200-$68,500 resistance zone, where the 38.2% Fibonacci retracement and the daily Supertrend indicator converge.
Commenting on Bitcoin’s latest setup, analyst Lennaert Snyder suggested that Bitcoin’s latest advance appears driven by a short squeeze rather than a decisive trend reversal. “The 68K/69K is a liquidity cluster that I have been mentioning for a while now, and which should always be closely monitored,” Snyder said. He added that “there is a lot of money to be made for market makers between 68 and 70,000,” highlighting an area where liquidity could continue to drive the price of $BTC higher.
From a technical perspective, however, Bitcoin must first establish support at $65,000. A rejection from current levels could send the asset back towards $63,200, while the $62,000 area remains the next important support zone.
