Bitcoin surged past the $65,000 mark on Monday, June 22, following a U.S. Treasury decision to temporarily permit Iranian oil transactions. The cryptocurrency climbed over 3.5% from its daily low of $63,231, reaching a peak of $65,468 before settling near $65,000. This upward move coincided with renewed hopes for de-escalation in the Middle East and a decline in global energy costs.
The Treasury Department issued a General License authorizing the production, sale, and delivery of Iranian crude oil, petroleum products, and petrochemicals until August 21, 2026. Treasury Secretary Scott Bessent linked this move to ongoing negotiations in Switzerland, stating that Iran had pledged to keep the Strait of Hormuz open and allow International Atomic Energy Agency inspectors to return. Vice President JD Vance echoed these sentiments, describing Iran’s agreement as a sign of its willingness to distance itself from nuclear ambitions.
Oil prices responded by dropping to around $74 per barrel, their lowest since early March. This decline alleviated fears that a prolonged Middle Eastern conflict could disrupt energy supplies or stoke inflation. Additionally, shipping data from Marine Traffic showed a sharp increase in transits through the Strait of Hormuz—71 confirmed vessel movements between June 19 and 21—signaling restored confidence among operators. Pakistan and Qatar also released a joint statement establishing a 60-day framework for a permanent peace deal, further supporting risk appetite.
Bitcoin’s rally extended beyond the crypto sphere, with gold rising 1.1% and silver jumping nearly 3%, indicating that investors remained diversified amid improving sentiment. Technically, BTC has reclaimed the $65,150 support area that previously acted as resistance. The daily RSI has moved up from oversold territory but remains below the neutral 50 mark. On the 4-hour chart, Bitcoin broke out of a multi-week symmetrical triangle pattern, aligning with the 23.6% Fibonacci retracement level near $64,768.
The next major resistance zone sits between $68,200 and $68,500, where the 38.2% Fibonacci level and the daily Supertrend indicator converge. Analyst Lennaert Snyder noted that the advance appears driven by short-squeeze dynamics rather than a fundamental trend shift, highlighting the $68,000–$69,000 region as a liquidity cluster likely to attract market makers. However, BTC must first solidify $65,000 as support; a failure could see a retest of $63,200, with $62,000 serving as the next critical floor.