Bitcoin has climbed more than 2% to $63,770 after a ceasefire agreement between Israel and Hezbollah helped ease market fears and pushed oil prices toward an 8% weekly decline.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to crypto.news data, Bitcoin (BTC<\/a>) price climbed 2.4% to an intraday high of $63,770 on June 20 before easing slightly to around $63,600. The move followed a 7% decline from the June 15 high near $67,200 to a local low around $62,300 on June 18, a drop that coincided with ETF outflows, geopolitical uncertainty, and a broader flight from risk assets.<\/p>\n Fresh optimism emerged after reports that Israel and Hezbollah had agreed to a ceasefire<\/a> scheduled to begin Friday. Reuters cited a U.S. official confirming the agreement, while Iranian officials signaled readiness to resume diplomacy with Washington if the terms are respected.<\/p>\n The developments reduced immediate fears of a wider regional conflict and helped drive crude oil prices toward an 8% weekly decline, with Brent and WTI benchmarks trading near multi-week lows.<\/p>\n Safe-haven assets such as gold and silver also lost momentum as investors rotated capital into higher-risk assets. Gold fell 1.6% over the past 24 hours while silver dropped roughly 2%, coinciding with Bitcoin\u2019s recovery from weekly lows.<\/p>\n Derivatives traders have turned a technical bounce into a recovery rally. A large options expiry may also be contributing to the move. Nearly $10.6 billion in Bitcoin options are set to expire on June 26, with market participants closely watching the event after reports showed a significant portion of open interest sits above current prices.<\/p>\n The recovery has also forced short sellers to reduce exposure after Bitcoin briefly entered oversold territory following the June 18 selloff. Such conditions often trigger short-covering activity, where traders buy back borrowed assets to close bearish positions, adding upward pressure to BTC price.<\/p>\n CoinGlass liquidation data shows one of the largest nearby liquidation clusters sits around the $64,000-$65,000 area, directly above current prices.<\/p>\n Additional liquidity pockets are visible near $66,000, suggesting that a sustained push higher could trigger another round of forced short liquidations and accelerate volatility.<\/p>\n Institutional flows remain mixed. SoSoValue data shows that U.S. spot Bitcoin ETFs recorded more than $226 million in net outflows this week, extending a broader withdrawal trend that has persisted since mid-May. Although those flows remain a headwind, the pace of selling has slowed compared with the panic seen over the previous weeks.<\/p>\n The technical picture has improved considerably on both daily and four-hour timeframes.<\/p>\n On the four-hour chart, Bitcoin is trading inside a symmetrical triangle formed by a descending resistance trendline from the June 15 peak and a rising support trendline extending from the June 5 low. Price has compressed toward the apex of the pattern, a structure that often precedes a large directional move.<\/p>\n The key breakout level sits near $64,760. A decisive move above that area would place Bitcoin above both the triangle resistance and a major Fibonacci retracement level. The measured move target from the pattern projects toward the $79,000-$80,000 region, which also aligns with resistance near the upper Fibonacci extension visible on the chart.<\/p>\n Daily momentum indicators have started to improve. The MACD histogram has printed consecutive higher readings after a prolonged decline, while the RSI has recovered from near-oversold conditions and climbed back above 38. Chaikin Money Flow remains slightly negative but has begun turning upward, suggesting selling pressure has eased compared with earlier in the month.<\/p>\n The bullish outlook would weaken if Bitcoin loses the triangle\u2019s ascending support and falls below $62,000.<\/p>\n CoinGlass heatmap data shows a large concentration of liquidity around $61,800-$62,000, making that zone an important battleground for traders. A breakdown beneath it could expose the June low near $59,200 and shift momentum back in favor of bears.<\/p>\n Beyond the charts, traders continue to monitor U.S.-Iran negotiations, Federal Reserve policy expectations, and ETF flows. Any renewed escalation in the Middle East, a rebound in oil prices, or another wave of institutional selling could limit Bitcoin\u2019s recovery and delay a breakout attempt.<\/p>\n <\/p><\/div>\n\n
Options positioning and short covering add fuel to rebound<\/h2>\n
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A breakout above $64,700 could open a path toward $80,000<\/h2>\n
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