Bitcoin price reclaims $65K after Bessent opens Iran oil door

Bitcoin has reclaimed the $65,000 level after the U.S. Treasury temporarily authorized Iranian oil sales amid progress in talks with Tehran.

According to data from crypto.news, Bitcoin (BTC) climbed more than 3.5% from an intraday low of $63,231 to a high of $65,468 on Monday, June 22, before easing to around $65,000 at press time. The asset’s recovery came as investors responded to signs of improving geopolitical conditions and falling energy prices.

In a statement released on June 22, the U.S. Treasury announced a General License allowing the production, delivery, and sale of crude oil, petroleum products, and petrochemicals of Iranian origin through Aug. 21, 2026.

Treasury Secretary Scott Bessent linked the decision to recent diplomatic developments in Switzerland. Bessent stated that ongoing talks had been productive and noted that Iran had committed to maintaining free transit through the Strait of Hormuz while also permitting inspectors from the International Atomic Energy Agency to return to the country.

Additional support for market sentiment came after U.S. Vice President JD Vance said Iran had agreed to allow nuclear inspectors back into the country, a step he described as evidence of Tehran’s willingness to move away from its nuclear program.

Lower oil prices have improved risk appetite

Reports that the U.S. and Iran had agreed to a roadmap targeting a final peace agreement within 60 days weighed on energy markets throughout Monday.

Oil prices fell to around $74 per barrel, extending losses and reaching their lowest levels since early March. Lower crude prices eased concerns that a prolonged conflict in the Middle East could disrupt global energy supplies or add pressure to inflation.

As crypto.news reported earlier today, Pakistan and Qatar released a joint statement after talks held in Switzerland over the weekend, saying both sides had established a framework for pursuing a permanent agreement within 60 days.

While Bitcoin benefited from improving risk sentiment, gains extended outside the crypto market. Gold rose 1.1% on the day, while silver advanced nearly 3%, indicating that investors continued to maintain exposure to traditional safe-haven assets even as risk markets recovered.

Strait of Hormuz traffic has returned to normal levels

Shipping activity through the Strait of Hormuz also showed signs of stabilization following concerns that the waterway could face disruptions.

According to Marine Traffic data, vessel movements through the strategic shipping route increased sharply between June 19 and June 21, with 71 confirmed transits recorded during the period. Traffic peaked on June 20, when 35 vessels passed through the strait.

Marine Traffic data further showed that a growing number of commercial ships were operating with Automatic Identification System signals active, suggesting improving confidence among shipping operators. The increase followed reports that a naval blockade had been lifted and came after Iran reopened the strait under the terms of a ceasefire memorandum signed last week.

Bitcoin price faces key resistance near $68,000

Technical indicators suggest traders are now watching whether Bitcoin can build on its move above $65,000.

On the daily chart, BTC has reclaimed a former support zone near $65,150 that had acted as resistance following the June selloff. The rebound has pushed the daily RSI higher from oversold conditions, although momentum remains below the neutral 50 level.

Meanwhile, the four-hour chart shows Bitcoin attempting to break out of a multi-week symmetrical triangle pattern that formed after the sharp decline from May highs. The breakout area aligns closely with the 23.6% Fibonacci retracement level near $64,768.

A sustained move above current levels could open the door to the $68,200-$68,500 resistance zone, where the 38.2% Fibonacci retracement and daily Supertrend indicator converge.

Commenting on Bitcoin’s latest setup, analyst Lennaert Snyder suggested Bitcoin’s latest advance appears driven by a squeeze on short positions rather than a decisive trend reversal.

Snyder added that “there’s a lot of money to be made for market makers at 68-70K,” highlighting an area where liquidity could continue drawing BTC price higher.

From a technical perspective, however, Bitcoin must first establish $65,000 as support. A rejection from current levels could send the asset back toward $63,200, while the $62,000 area remains the next significant support zone.