Bitcoin (BTC) reclaimed the $65,000 level on Monday, June 22, climbing more than 3.5% from an intraday low of $63,231 to a high of $65,468 before settling around $65,000. The rally followed the U.S. Treasury's announcement of a General License authorizing the production, delivery, and sale of Iranian crude oil, petroleum products, and petrochemicals through August 21, 2026.
Falling oil prices improve risk sentiment
Treasury Secretary Scott Bessent linked the decision to recent diplomatic talks in Switzerland, noting that Iran had committed to maintaining free transit through the Strait of Hormuz and allowing International Atomic Energy Agency inspectors back into the country. Vice President JD Vance also confirmed Iran's agreement to nuclear inspections. Reports of a 60-day roadmap toward a final peace deal weighed on energy markets, pushing oil prices to around $74 per barrel — the lowest since early March. Lower crude prices eased concerns about supply disruptions and inflationary pressure, boosting risk assets. Gold rose 1.1% and silver gained nearly 3%, showing investors maintained exposure to traditional safe havens.
Strait of Hormuz traffic normalizes
Marine Traffic data showed vessel movements through the Strait of Hormuz increased sharply between June 19 and June 21, with 71 confirmed transits. Traffic peaked on June 20 with 35 vessels. A growing number of commercial ships activated Automatic Identification System signals, indicating improving confidence among operators after reports that a naval blockade had been lifted and Iran reopened the strait under a ceasefire memorandum signed last week.
Bitcoin faces key resistance near $68,000
On the daily chart, BTC reclaimed the former support zone near $65,150 that had acted as resistance after the June selloff. The rebound lifted the daily RSI from oversold territory, though momentum remains below the neutral 50 level. The four-hour chart shows Bitcoin attempting to break out of a symmetrical triangle pattern formed after the May high decline. The breakout aligns with the 23.6% Fibonacci retracement near $64,768. A sustained move above current levels could target the $68,200-$68,500 resistance zone, where the 38.2% Fibonacci retracement and daily Supertrend indicator converge. Analyst Lennaert Snyder attributed the advance to short squeezing rather than a trend reversal, calling the $68K-$69K area a "liquidity cluster" and noting "a lot of money to be made for market makers at 68-70K." Bitcoin must first hold $65,000 as support; a rejection could send it back toward $63,200, with $62,000 as the next significant support.