The renewed geopolitical optimism helped improve risk sentiment across financial markets, pushing Bitcoin back toward the $66,000 level after weeks of volatility. The world's largest cryptocurrency briefly traded above $65,800, marking its strongest price performance since early June and sparking fresh discussion about whether BTC can reclaim higher resistance levels in the days ahead.
Bitcoin Rallies as Trump Announces Hormuz Agreement
Market sentiment improved significantly after Trump revealed what he described as a completed peace agreement with Iran.
"The deal with the Islamic Republic of Iran is now complete. Congratulations to all!" Trump wrote on Truth Social.
President Donald Trump announced what he described as a landmark agreement with Iran, presenting it as a significant diplomatic breakthrough. Source: Donald J. Trump via Truth Social
In a separate post, he added:
"I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade."
The Strait of Hormuz is a critical shipping lane through which a substantial portion of global oil exports passes. Any disruption to the route can have major consequences for energy markets, inflation expectations, and broader investor sentiment.
Trump further stated that oil would once again flow freely through the region after the agreement is formally signed, describing the development as beneficial for global trade and economic stability.
The announcement was later reinforced by comments from Iranian officials. Iran's Deputy Foreign Minister Kazem Gharibabadi confirmed the agreement on state television, while the country's Supreme National Security Council indicated that military operations would cease and the U.S. blockade would be removed.
The developments triggered a broader risk-on move across digital asset markets. Bitcoin led the gains, while Ethereum, Solana, XRP, and several other major cryptocurrencies also moved higher during Asian trading hours.
Crypto Market Rebounds Following Weeks of Selling Pressure
The latest advance comes after a difficult period for Bitcoin and the broader crypto market.
Earlier this month, Bitcoin briefly fell below the $60,000 mark, reaching its lowest level since October 2024 amid a combination of geopolitical uncertainty, ETF outflows, and broader market weakness.
Bitcoin (BTC) was trading at around $65,678, up 1.88% in the last 24 hours at press time. Source: Bitcoin price via Brave New Coin
Additional pressure emerged after Strategy, the largest corporate holder of Bitcoin, disclosed the sale of a small portion of its BTC holdings. Although the transaction represented only a fraction of the company's overall position, the announcement contributed to short-term selling activity across the market.
With geopolitical concerns now easing and investors showing renewed appetite for risk assets, Bitcoin has managed to recover much of its recent losses.
The move toward $66,000 also reflects growing confidence among traders that macroeconomic and geopolitical headwinds may become less severe if tensions in the Middle East continue to cool.
Bitcoin Technical Analysis: BTC Faces Key Resistance Near $66K
Despite the recent rally, technical indicators suggest Bitcoin remains in a consolidation phase rather than a confirmed uptrend.
At the time of analysis, BTC was trading around $65,600. TradingView's overall technical summary remained neutral, reflecting mixed signals across major indicators.
Bitcoin bounced from $62,500 to $65,923 on US-Iran news, with bulls now eyeing a break above the 4H 100 EMA and resistance at $64,890–$67,600. Source: inchartswetrust on TradingView
The Relative Strength Index (RSI) stood at 41, indicating neither overbought nor oversold conditions. While the reading carries a slight bearish bias, it also leaves room for additional upside if buying momentum continues.
The Stochastic oscillator registered 44, while the Commodity Channel Index (CCI) remained near neutral at -14. Meanwhile, the Average Directional Index (ADX) measured 43, suggesting moderate trend strength in the market.
Several momentum indicators showed early signs of improvement. Both the MACD and Momentum (10) indicators generated buy signals, supporting the possibility of further recovery. However, most other oscillators, including Williams %R, Bull Bear Power, and the Ultimate Oscillator, continued to signal neutrality.
One metric attracting attention is the Stochastic RSI, which has climbed near 99. Such elevated readings can sometimes indicate short-term overheating and may increase the likelihood of temporary pullbacks if profit-taking emerges.
Moving Averages Continue to Present a Challenge
Although Bitcoin has regained important ground, moving averages continue to paint a more cautious picture.
Short-term 10-period exponential and simple moving averages currently support the price and generate buy signals. However, most medium- and long-term moving averages remain above the current market price and continue to issue sell signals.
This creates a significant resistance zone between approximately $66,400 and $69,000.
For bulls, reclaiming this range would represent an important technical victory and could strengthen the argument for a broader trend reversal. Until then, Bitcoin remains below many key averages that have capped price action during recent weeks.
Analysts are also monitoring the $63,000-$65,000 region as an important support area. Maintaining strength above this zone would help preserve the recent recovery structure .
BTC Price Outlook
Bitcoin's latest rally demonstrates how quickly sentiment can shift when major geopolitical risks begin to ease.
The announcement of a U.S.-Iran agreement and the reopening of the Strait of Hormuz helped fuel a return of risk appetite across markets, pushing BTC to its highest level in nearly two weeks and bringing the $66,000 resistance zone back into focus.
Bitcoin stays bullish on higher timeframes, with $64,000–$64,800 now in focus for a potential pullback entry and bullish reclaim. Source: Leo524 on TradingView
From a technical perspective, the outlook remains balanced. Momentum indicators have improved, and buyers have regained control of key support levels, but Bitcoin still faces considerable resistance from longer-term moving averages overhead.
For now, traders are watching closely to see whether BTC can secure a decisive break above $66,500-$67,000. Such a move could strengthen bullish momentum, while failure to overcome resistance may leave the cryptocurrency trading within its current consolidation range.
As always, market participants continue to monitor macroeconomic developments, ETF flows, and geopolitical headlines, all of which remain important drivers of short-term Bitcoin price action .