Bitcoin price has recovered to about $75,360 after briefly falling to a daily low near $74,654, as traders reacted to reports that the United States and Iran are moving closer to a 60-day ceasefire framework. BTC remained down 1.57% over 24 hours, but the rebound from below $75,000 showed that geopolitical headlines continue to influence short-term crypto market direction.
The recovery followed comments from President Donald Trump, who said U.S. and Iranian negotiators are “getting a lot closer” to a deal. According to reports cited in market updates, the draft framework may include a 60-day ceasefire extension, gradual reopening of the Strait of Hormuz, U.S. sanctions relief, and a phased unfreezing of Iranian assets.
The draft also includes discussions around Iran’s highly enriched uranium, though Tehran has said nuclear issues are not part of the current phase of talks. Iranian officials said the immediate focus is on ending the war before wider negotiations on the nuclear program move forward.
US-Iran Talks Lift Short-Term Sentiment
After failed talks yesterday, regional officials and diplomats have said both sides are close to a memorandum of understanding, with a possible final decision within 48 hours. Pakistan has reportedly played a mediation role, while Qatar also sent a senior official to Tehran to support the process.
U.S. Secretary of State Marco Rubio said progress had been made and that further news could arrive soon. Iranian state media also quoted Foreign Ministry spokesperson Esmail Baghaei as saying differences had narrowed in recent days.
For global markets, the Strait of Hormuz remains one of the most closely watched parts of the talks. A gradual reopening of the shipping route could reduce pressure on oil prices and lower inflation concerns tied to energy costs. That would matter for Bitcoin because higher inflation and rising Treasury yields have recently weighed on risk assets.
A ceasefire framework may improve market sentiment, but traders remain cautious because no final agreement has been signed. Both sides have also warned that military action could resume if negotiations fail.
Bitcoin Faces Resistance Near $76,600
Bitcoin’s price action remains technically weak despite the rebound. BTC recently lost the $75,000 to $76,000 support zone, which several analysts had treated as a key level for maintaining upside momentum.
Michaël van de Poppe said Bitcoin has weakened after losing that area and may risk moving back into the $60,000 range if it fails to recover. He said a break back above $76,600 would be needed to restore stronger upside momentum.
Source: X
The analyst also noted that Friday corrections do not always lead to sustained downside. Bitcoin often reverses after weekend moves, and several CME gaps remain above current levels. The highest nearby gap sits around $79,100, which could become a short-term target if BTC regains strength.
For now, the $76,600 level is the first recovery point. A move above that area could bring $79,100 and then $80,000 back into focus. Failure to reclaim it may keep Bitcoin trapped below former support.
ETF Outflows and Whale Selling Weigh on BTC
The rebound is also facing pressure from large outflows and whale activity. U.S. spot Bitcoin ETFs reportedly sold about 28,858 BTC, worth roughly $2.28 billion, over the past nine trading days.
Large wallets have also reduced exposure. Analyst Ali Martinez said some of the largest Bitcoin whales sold or redistributed 18,447 BTC over 96 hours, worth about $1.42 billion.
Crypto liquidations have added further pressure. Nearly $1 billion in positions were liquidated over the past 24 hours, while monthly liquidations in May have reportedly exceeded $7.6 billion.
These flows show that the Bitcoin price recovery is not yet supported by broad buying demand. A move above $80,000 would likely require improved ETF flows, reduced selling from large holders, and a confirmed easing of geopolitical risk.
