Bitcoin Reclaims $66,000 as Gulf Risk Premium Fades
Bitcoin climbed back above $66,000 as easing Gulf tensions lifted risk appetite across global markets, CoinDesk reported.
U.S. President Trump said oil-carrying vessels were moving through the Strait of Hormuz, while talk of a temporary U.S.-Iran peace arrangement added to the improved tone. The pullback in crude helped drive the broader rebound. On June 15, Bitcoin rose to about $66,829 intraday before easing to roughly $66,460, up nearly 5% on the day.
Oil prices fell around 5.7% to below $80 a barrel, touching a two-month low. With the Middle East-driven geopolitical premium unwinding, inflation concerns linked to energy costs also cooled.
Flows into crypto picked up. U.S. spot Bitcoin ETFs posted net inflows of $859 million, snapping five straight days of outflows. Even so, the broader recovery in ETF demand remains muted: SoSoValue data show that since May 15, the group has recorded net inflows on just two trading days, with cumulative net outflows of about $5.71 billion over the past five weeks.
Corporate buying also offered support. Strategy previously disclosed a purchase of 1,587 bitcoins worth about $100 million, coming shortly after the company reported its first bitcoin sale in several years—raising questions over whether its long-term accumulation approach had shifted.
On-chain and derivatives indicators pointed to renewed buying during the rebound. Glassnode said that after Bitcoin pulled back into the $60,000 range, accumulation trend scores increased across multiple wallet cohorts, suggesting post-drawdown supply was being absorbed. The firm added that Bitcoin's return toward $65,000 places it near a heavy concentration of options positioning, where market-maker hedging flows can damp volatility.
The move also triggered aggressive short covering. CoinGlass data show $556.5 million in total crypto liquidations over the past 24 hours, including about $459.9 million in shorts. Bitcoin accounted for roughly $168.7 million in short liquidations versus about $23 million in long liquidations. Liquidation maps indicate leveraged positioning clustered between $67,000 and $68,000; continued upside could draw prices into that zone, while notable liquidity sits below around $64,500 to $65,000.
Attention remains on $65,000 as a key support level. Despite the rebound, the market is split on whether the move marks a trend reversal. Some analysts describe it as a liquidity-driven surge rather than a confirmed breakout. Others note Bitcoin has repeatedly held the 200-week moving average and that the weekly RSI has shown divergence, conditions that have often appeared near prior cyclical bottoms.
Next, traders are watching the June 16–17 Federal Reserve meeting. If officials continue to stress inflation risks, risk assets could stay pressured even with oil easing. For Bitcoin, a drop back below $65,000 could weaken the recent breakout setup, with $63,200 to $64,000 potentially returning as the primary support area.
