BTC recovered 8% to 106,000 USD after progress towards a ceasefire between Israel and Iran.
Trump expects the two countries to soon reach a ceasefire agreement.
Bitcoin (BTC) quickly retested the 106K USD mark on June 23 after news of the ceasefire arrangement between Israel and Iran. This recovery momentum helped BTC rise 8% from the weekend low of around 98K USD.
Meanwhile, the market price remained highly volatile yesterday, affected by new developments in the Middle East.
Source: BTC/USDT, TradingView
Has BTC just created a macro bottom?
Early on the second day, BTC dropped sharply to 99K USD following a retaliation from Iran targeting a U.S. military base in Qatar.
Meanwhile, Qatar has warned of its right to respond, raising concerns about the spread of regional instability, causing BTC to temporarily breach the 100K USD mark again.
When the ceasefire announcement between the U.S., Israel, and Iran was made, market pressure quickly eased, helping Bitcoin surge above 100,000 USD.
Mr. Donald Trump stated on Truth Social, through a message relayed by U.S. Treasury Secretary Scott Bessent, that this agreement will prevent the 12-day conflict from escalating into a large regional war.
Source: X
Israel has acknowledged a ceasefire but warned it will respond strongly if the ceasefire is violated. The official statement noted,
"In the context of achieving the campaign's objectives, and fully coordinated with President Trump, Israel agreed to the President's proposal for a bilateral ceasefire. Israel will respond strongly to any violations of the ceasefire."
At the same time, Iranian Foreign Minister Seyed Abbas Araghchi made a similar but more indirect statement like this.
According to assessments from the crypto trading fund QCP Capital, the market seems to have priced in this ceasefire scenario. In an updated report, this entity affirmed that,
"The market seems to be discounting the possibility of a major escalation. The U.S. is pressuring China to control Tehran, which may be helping to ease sentiment."
QCP Capital added,
"Although the put skew index remains high, the surge in the spot market along with a decrease in short-term volatility indicates that investors do not assess the risk of widespread spillover."
The Velo BTC 25 Delta Skew index also recorded a 4% recovery in the one-week contract, indicating an advantage for short-term call orders (betting on an upward trend). This reinforces the positive trend in the market.
Regarding important price levels, the 30-day liquidity heatmap indicates that 111K USD and 108K USD are strong resistance areas, concentrating many large liquidity groups.
On the downside, the levels of 101K USD and 103K USD are expected to become short-term support points in case of sudden price fluctuations.
Source: CoinGlass
Source: https://tintucbitcoin.com/bitcoin-va-thoa-thuan-israel-iran-anh-huong/
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