Bitcoin rebounds on Iran peace deal after Trump unveiled potential agreement details. On June 11, BTC rose from around $62,300 to as high as $63,850.
At the time of writing, Bitcoin trades near $63,850. That represents a gain of more than 3% from its intraday low.
Why Bitcoin rebounds on Iran peace deal despite hot PPI
Earlier in the day, the U.S. Bureau of Labor Statistics released hotter‑than‑expected producer inflation data. Specifically, the Producer Price Index increased 1.1% in May, exceeding forecasts for a 0.6% rise. Annual PPI reached 6.5%.
Consequently, risk assets weakened following the inflation report. Traders reassessed expectations for interest rates ahead of the Federal Reserve’s June 16‑17 policy meeting. Therefore, BTC briefly slipped toward $62,500.
However, sentiment changed dramatically after Trump’s latest comments on the Middle East. In a Truth Social post, Trump said he had canceled scheduled strikes and bombings against Iran after discussions with Iranian leadership progressed.
He added that final points of the agreement had been approved by multiple countries, including the United States, Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt. Nevertheless, Trump stated that a naval blockade would remain in place until the agreement is finalized.
Broader market reaction
The announcement sparked a risk‑on reaction across financial markets. For example, oil prices fell sharply from above $91 to below $87 within minutes. Similarly, major cryptocurrencies moved higher.
Ethereum approached $1,700. BNB reclaimed the $600 level. Meanwhile, Solana gained roughly 5% on the day to trade near $67.
Technicals point toward a test of major resistance
Bitcoin’s recovery has pushed the asset into an important technical zone. On the four‑hour chart, BTC has broken above the 0.786 Fibonacci retracement level at roughly $62,389. Additionally, it is testing the upper boundary of a symmetrical triangle pattern formed since the June selloff.
Momentum indicators have improved alongside the price action. For instance, the four‑hour RSI has climbed above 55. Moreover, the MACD has completed a bullish crossover. This signals improving buying pressure following the rebound from the $59,100 low.
Multiple indicators converge near $65K
CoinGlass liquidation heatmap data shows one of the largest nearby liquidity clusters sitting between $64,500 and $65,000. Markets often gravitate toward areas with heavy leveraged positions. Therefore, that zone is a key level to watch if buyers maintain control.
Several technical signals now point to the same resistance region. Specifically, the daily chart shows Bitcoin approaching the 0.786 Fibonacci retracement level near $64,231.The four‑hour chart places the next major retracement level at roughly $64,924. Furthermore, a descending trendline from the May peak also intersects near the same area.
Daily trend still under pressure
Although the recovery has strengthened short‑term momentum, the daily trend remains under pressure. For example, the daily RSI has rebounded from oversold conditions but remains below the neutral 50 mark. Likewise, the MACD continues to trade in negative territory despite improving momentum.
Attention now turns to the Federal Open Market Committee meeting scheduled for June 16‑17 under Fed Chair Kevin Warsh. A decisive move above the $64,500‑$65,000 zone could open the door to a test of $68,200. Conversely, failure to break that area may leave Bitcoin vulnerable to another pullback, despite renewed optimism surrounding U.S.-Iran negotiations.
