Bitcoin has returned to the $65,000 level after the US Treasury temporarily approved the sale of Iranian oil amid progress in negotiations with the Iranian government.
According to data from crypto.news, Bitcoin ($BTC) rose more than 3.5% from an intraday low of $63,231 to a high of $65,468 on Monday, June 22, before falling to around $65,000 at press time. The recovery in assets was seen as investors reacted to signs of improving geopolitical conditions and falling energy prices.
In a statement released on June 22, the U.S. Treasury Department announced a general license authorizing the production, delivery, and sale of Iranian crude oil, petroleum products, and petrochemical products until August 21, 2026.
Treasury Secretary Scott Bessent linked the decision to recent Swiss diplomatic developments. Bessent said the ongoing talks were fruitful, noting that Iran is committed to maintaining free passage through the Strait of Hormuz while also allowing International Atomic Energy Agency inspectors to return home.
Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous.
In line with the productive talks underway in Switzerland, Iran has committed to free and open passage through the Strait of Hormuz and committed to permission from the International Atomic Energy Agency.
— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026
Market sentiment was further supported by US Vice President J.D. Vance’s statement that Iran had agreed to allow its nuclear inspectors to return home, which he said was evidence of Iran’s desire to withdraw from its nuclear program.
Risk appetite improves due to falling oil prices
Reports that the United States and Iran have agreed to a roadmap with the goal of a final peace deal within 60 days weighed on energy markets throughout Monday.
Oil prices fell to about $74 a barrel, the lowest since early March, as losses widened. The drop in oil prices has eased concerns that a prolonged conflict in the Middle East could disrupt global energy supplies and increase inflationary pressures.
As crypto.news reported earlier today, Pakistan and Qatar issued a joint statement after talks in Switzerland over the weekend, saying both sides had established a framework to pursue a permanent agreement within 60 days.
Bitcoin benefited from improved risk sentiment, but the rally extended beyond the cryptocurrency market. Gold rose 1.1% on the day, and silver rose nearly 3%, showing that investors continue to maintain exposure to traditional safe-haven assets even as risk markets recover.
Traffic in the Strait of Hormuz has returned to normal levels.
Shipping activity through the Strait of Hormuz also showed signs of stabilizing amid concerns that the waterway could face disruption.
According to maritime traffic data, vessel movements through the strategic waterway increased sharply from June 19 to June 21, with 71 confirmed crossings recorded during this period. Traffic peaked on June 20, when 35 ships passed through the strait.
Maritime traffic data also shows that more commercial ships are operating with automatic identification system signals activated, suggesting that confidence among shipping companies is improving. The increase followed reports that the naval blockade had been lifted after Iran reopened the strait under the terms of a cease-fire memorandum signed last week.
Bitcoin price faces major resistance near $68,000
Technical indicators suggest that traders are now focused on whether Bitcoin can rise above $65,000.
On the daily chart, $BTC has regained its former support zone around $65,150, which had acted as resistance after the June decline. The rebound has lifted the daily RSI from oversold conditions, but momentum remains below the neutral 50 level.
Meanwhile, the 4-hour chart shows that Bitcoin is breaking out of the weeks-long symmetrical triangle pattern that formed after the sharp decline from May’s highs. The breakout area roughly coincides 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 Lennart Snyder suggested that Bitcoin’s recent rally appears to be driven by the compression of short positions rather than a definitive trend reversal.
“68K/69K is a liquidity cluster that I have been referring to for quite some time and still needs to be closely monitored.”
“The 68,000 to 70,000 level is where there is a lot of upside for market makers,” Snyder added, highlighting areas where liquidity could continue to be extracted. $BTC The price will be higher.
However, from a technical perspective, Bitcoin first needs to establish support at $65,000. A rejection from current levels could send the asset back towards $63,200, but the $62,000 area remains the next key support zone.
