Bitcoin exhibited a remarkable recovery after the pressure in recent weeks, rising above 66 thousand dollars in Monday transactions. The rise in price was driven by the optimism created by the reconciliation between the USA and Iran, which aims to reduce tensions, and Strategy’s new Bitcoin purchase of approximately 100 million dollars. During the day, Bitcoin rose by 1.8 percent to $66,468.
Geopolitical development supported risk appetite
Washington and Tehran confirmed on Sunday that they had reached a memorandum of understanding aimed at reducing long-running tensions. The official signing ceremony is planned to be held on Friday. According to the terms of the agreement, it is envisaged that hostile actions will cease immediately, normal functioning will resume in the Strait of Hormuz, which is critical for global energy transportation, within 30 days, and negotiations will begin regarding Iran’s nuclear activities and asset freezes.
Following this development, risk appetite in the markets strengthened. While US stock indices rose, the price of crude oil fell more than 4 percent. The decline in bond yields also indicated that investors were repositioning between safe havens and risky assets.
Strategy continued its purchase
Strategy, which holds the largest institutional Bitcoin reserve in the world, purchased 1,587 BTC between June 8 and June 14 at an average cost of $63,024. Total spending was approximately $100 million. The company financed this acquisition by selling 1.73 million Class A common shares, generating approximately $209 million in proceeds from the sale.
Strategy announced that it increased its Bitcoin reserve to 846,842 BTC with a purchase of $100 million, and also increased its dollar reserve by $100 million to $1.1 billion.
According to the data shared by Michael Saylor, the company’s total Bitcoin assets reached 846,842 BTC. The current value of this position is approximately $56 billion. The average acquisition cost is calculated as $75,656 per coin, and the total cumulative expenditure is calculated as $64.1 billion.
ETF outflows slow, but direction remains unchanged
A net outflow of $315.8 million was recorded from spot Bitcoin ETFs in the USA last week. This amount was more limited than the weekly outflows of more than $1 billion seen in the previous four weeks. Despite this, the negative net flow streak in spot ETFs has moved into a fifth week.
According to SoSoValue data, on June 15, a net outflow of $64.09 million was seen in US spot Bitcoin ETFs, while a net inflow of $22.50 million was recorded in spot Ethereum ETFs.
Market observers note that some of the institutional demand in crypto assets may have been influenced by capital flows into AI stocks. This situation is considered to be one of the factors limiting the upward movement in Bitcoin.
Analysts focused on critical levels
Crypto analyst Ali Martinez said that Bitcoin broke above the $64,360 resistance zone and if the bullish momentum is maintained, $67,630 could be watched as the next target. In the technical view, this level is considered one of the prominent thresholds in terms of short-term direction.
Analyst Ardi, known for his more cautious stance, stated that Bitcoin’s recovery after falling below the 60 thousand dollar region is a rare structure in down cycles. According to Ardi, maintaining the $66.5 thousand level as support could indicate an unusual situation in the current market phase. However, Bitcoin is still trading below its long-term moving averages and market participants are looking for stronger signals of a permanent bottom forming.
