Bitcoin jumps to $66,829 as $168M in shorts get wiped out
Bitcoin climbed nearly 5% on June 15, reaching $66,829, according to CoinDesk, as risk appetite improved amid easing energy-market jitters.
Sentiment turned after former President Donald Trump wrote on Truth Social that oil-carrying vessels are moving through the Strait of Hormuz. Traders also cited market chatter about a preliminary U.S.-Iran peace arrangement. While unconfirmed, the developments were enough to reset expectations quickly, pushing crude lower and lifting broad risk assets.
Oil slid about 5.7% on the day to below $80 a barrel, the lowest level in two months. The drop helped cool inflation worries and strengthened expectations that the Federal Reserve could keep rates unchanged or eventually move toward cuts—a backdrop that typically supports assets such as Bitcoin.
ETF inflows return; Strategy adds again
Institutional activity also underpinned the move. U.S. spot Bitcoin ETFs posted net inflows of $85.9 million, snapping five straight sessions of net outflows. The broader trend remains weak: since May 15, the group has seen net inflows on only two trading days, with roughly $5.71 billion in cumulative outflows over the past five weeks, suggesting the day's bounce may reflect a pause in selling pressure rather than a full reversal.
Strategy disclosed it bought 1,587 bitcoins worth about $100 million. The purchase follows the firm's first bitcoin sale in years, revealed two weeks ago, which had fueled speculation that its long-term holding approach was changing. The new buyback eased some of those concerns.
Derivatives-driven squeeze after key breakout
Momentum accelerated after Bitcoin pushed through resistance near $65,150, triggering short covering. CoinGlass data showed total crypto liquidations of about $556.5 million over the past 24 hours, including roughly $459.9 million in short liquidations. For Bitcoin alone, short liquidations totaled about $168.7 million, versus around $23 million for longs. Forced buying from liquidated shorts added to upward pressure.
On-chain and options indicators point to renewed demand during the pullback toward $60,000. Glassnode said accumulation across multiple wallet cohorts has regained traction. Bitcoin has also moved back toward the $65,000 area, a zone with heavy options open interest, where market makers' hedging activity may help stabilize prices in the near term.
Attention now turns to the Federal Reserve meeting on June 16–17. While the rebound has trimmed recent losses, traders remain split on whether it marks the start of a broader trend reversal.
