U.S. President Donald Trump announced that a deal between the U.S. and Iran had been finalized and would reopen the Strait of Hormuz without transit fees. Following the announcement, Bitcoin climbed to a new two-week high.
On June 15, Bitcoin approached $66,000 after Trump announced a peace deal with Iran that would reopen the Strait of Hormuz.
In a separate statement, he added that after the agreement is signed, oil will once again flow in both directions, benefiting both the region and the wider global market.
Trump has repeatedly said over the past two months that an agreement to end the conflict was close. The cryptocurrency market has been reacting to developments in the Iran-Israel war since February, when the U.S. and Israel launched the first strikes.
Details of the deal between the U.S. and Iran have not yet been disclosed. The agreement is expected to take effect only after Iran signs it on Friday, with Pakistan acting as mediator, the Associated Press reported.
Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed the agreement on state television. The Secretariat of Iran’s Supreme National Security Council said hostilities on all fronts would end immediately and permanently tonight, while the U.S. blockade would be lifted completely and without delay.
Bitcoin Holds $65K As Traders Watch A Move Toward $70K
Amid news of a possible settlement between the U.S. and Iran, Bitcoin is showing renewed strength above $65,000.
According to analyst Crypto Candy, who shared a chart on X, Bitcoin has reclaimed the $65,000 level and is holding steady for now. If momentum continues, the analyst said BTC could move toward $70,000 and beyond. However, that scenario depends on Bitcoin staying above the $65,000 support area.
Crypto trader and entrepreneur Michaël van de Poppe shared a similar view. He noted that Bitcoin has moved back into its range and still has room for further upside.
Van de Poppe said the price could continue rising during the U.S. session if buyers push through major resistance zones. He also argued that market momentum is shifting in favor of cryptocurrencies and that the current range remains a broad area for accumulating Bitcoin positions.
Fed Decision Could Add Fresh Volatility
On Wednesday, June 17, the Federal Reserve’s interest rate decision, the first under newly appointed Chair Kevin Warsh, could influence the cryptocurrency market.
The new central bank chief appears more open to cutting interest rates. However, inflation above 4% strengthens the case for keeping policy tight or even raising rates.
The CME FedWatch tool currently estimates a 96.6% probability that rates will remain in the 3.5% to 3.75% range.
Bitcoin approached the $66,000 level after announcements about the completion of U.S.-Iran negotiations and a decline in oil-related fears. The final agreement is expected on Friday, while markets will first receive a major signal from the Federal Reserve’s rate decision on Wednesday.
Market Outlook
Bitcoin’s latest move highlights a familiar pattern. During the conflict, BTC has behaved less like “digital gold” and more like a risk asset, reacting quickly to geopolitical headlines and statements from the White House.
That reaction shows how much short-term market direction still depends on expectations. Traders are not only pricing in current events, but also trying to anticipate how the next headline could affect risk appetite, oil markets, and central bank expectations.
Still, important risks remain. Iran’s nuclear program has not been resolved, and the reported ceasefire window may represent only a temporary pause rather than a durable foundation. If nuclear negotiations stall, the geopolitical risk premium that is now fading could return quickly.
For Bitcoin, the next test is clear. Holding above $65,000 would keep bullish momentum alive and leave the $70,000 target in play. A failure to hold that level, however, could turn the latest rally into another headline-driven spike rather than the start of a stronger breakout.
