Bitcoin (BTC) starts the third week of June with a spring in its step as the US-Iran peace deal sends risk assets higher.
Key points:
Bitcoin price action targets $66,000 as US stock futures soar and oil approaches its lowest levels since early March.Traders see $69,000 as a likely short-term BTC price target.The Federal Reserve interest-rate decision is under the microscope thanks to new Chair Kevin Warsh.Bitcoin whales have reversed their selling mentality, putting in a “rock-solid floor” near $60,000.Overall demand weakness raises questions over a bull-market comeback.
Oil price drops below $80 as Iran peace countdown begins
The US-Iran war is again the center of attention for traders this week as a peace deal appears closer than ever.
Developments over the weekend initially included a Sunday deadline for signing off on a ceasefire, but this subsequently became Friday.
Multiple sources then confirmed that the US and Iran would sign an agreement for a 60-day pause in hostilities, along with various other measures, in Switzerland on Friday.
In a post on Truth Social, US President Donald Trump confirmed that the deal would include the reopening of the Strait of Hormuz — a key global oil route.
“With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” he wrote.
Source: Truth Social
US stock futures surged as a result, with risk assets moving higher across the board — including Bitcoin and crypto.
Oil, by contrast, fell immediately, with WTI crude trading below $80 per barrel for the first time since mid-April.
CFDs on US WTI crude oil one-day chart. Source: Cointelegraph/TradingView
Reacting, portfolio manager Danny Dayan described the deal as the “biggest and worst TACO of all time,” referring to the Trump administration’s approach to various geopolitical and macroeconomic conflicts.
“Overheat, higher core inflation, and higher neutral rate, will be the macro considerations ahead,” he told X followers, seeing a pivot away from oil as a market mover.
Throughout the conflict, oil price strength…
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