Bitcoin price jumped to $65,800 after Iran deal news raised hopes for an end to hostilities and the reopening of the Strait of Hormuz.
Bitcoin is getting a relief rally, but traders still need further evidence this is a sustainable macro-driven correction.
As of press time, Bitcoin price trades at around $65,830, up 2.4% on the day and back near early June levels, according to CoinGecko data.
The move follows a broader risk rebound after Washington and Tehran said they reached an agreement to end fighting and reopen the Strait of Hormuz, a narrow waterway that handles a large share of global oil flows.
The wider crypto market also reacted positively to the news, rising 2.1% to $2.3 trillion. Hyperliquid’s HYPE▲$67.90, the native token of the decentralized derivatives exchange, led the top 10 tokens by market value with an 8.3% gain.
Read also: Bitcoin Price Prediction Markets Turn Bearish as Traders Eye $55K
Bitcoin Price Rebounds From Sub-$60K Drop
The rally comes after Bitcoin recently fell below $60,000, its weakest level since October 2024, during a selloff tied to ETF outflows and weaker institutional demand.
The drop caused many to wonder whether BTC▲$66,207.00 has already found support at $60,000 as some noted that if the price were unable to recover soon, it would fall to a lower support level, that is, around the $50,000 mark.
Now, Pratik Kala, a portfolio manager at Apollo Crypto, a crypto hedge fund, told Bloomberg that $67,000 is the key level to watch because of volume and moving-average signals.
Demand Still Looks Weak
However, despite the slight uptick in Bitcoin price, some analysts argue that there are still unresolved issues. According to analysts at xWIN Finance, one of the major problems with 2026 may be the demand, instead of the four-year cycle.
They said in an X post that Bitcoin’s MVRV cycle peaks have kept falling across cycles, from 5.88 in 2013 to 4.72 in 2017, 3.96 in 2021 and 2.74 in 2025, suggesting that speculative excess is shrinking even as BTC reaches new cycle highs.
At the same time, estimated demand has turned negative, while open interest has dropped from its 2025 peak, meaning leverage has cooled, but a deeper liquidation phase may not be fully finished.
Read more: Bitcoin Price Prediction 2026: Will BTC Finally Rally to 100k?
