Bitcoin price moved back to the center of crypto markets after rising above $65,900, its highest level in nearly two weeks.
U.S.-Iran Deal Sends Oil Lower
The rebound followed news that the United States and Iran had reached a deal to end hostilities and reopen the Strait of Hormuz, removing part of the energy-supply risk that had weighed on markets.
The move followed a sharp reversal in oil. Brent crude fell more than 4% toward $83 per barrel as traders removed part of the geopolitical premium tied to Middle East supply risk. Asian stocks and U.S. futures also rose, reinforcing the broader risk-on reaction.
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Bitcoin and Crypto Market on the Rise
That shift quickly changed the macro backdrop. Bitcoin traded around $65,900 on June 12, up 2.1% over 24 hours, after touching an early Asian-session low near $63,660 before the deal news broke. The move also put BTC about 9% above the sub-$60,000 low it hit last week.
The rally spread across major tokens. Ethereum price rose 2.5% to $1,721, Solana gained 3.6% to $71, XRP added 3.2% to $1.19. BNB and Dogecoin also moved higher, though with smaller gains.
The market now faces a cleaner test. Lower oil prices may support crypto by easing inflation and rate concerns, but Bitcoin still needs stronger institutional demand. ETF outflows and recent concerns around Strategy’s Bitcoin activity remain unresolved, so the rally may need fresh inflows to extend.
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