Bitcoin rises after US-Iran ceasefire agreement
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- Bitcoin (CRYPTO:BTC) rose about 2% after the United States and Iran agreed to suspend military strikes and resume diplomatic talks.
- The cryptocurrency briefly climbed above US$60,000, although analysts said technical indicators continue to point to downside risks.
- Market participants are watching key monthly, quarterly and technical levels to assess whether Bitcoin can establish a sustained recovery.
Bitcoin (CRYPTO:BTC) rose about 2% after the United States and Iran agreed to halt military strikes and restart talks over tensions in the Middle East, lifting the cryptocurrency from a 24-hour low of US$58,856 to above US$60,000.
The rebound followed reports that Washington and Tehran had agreed to suspend attacks as negotiations resumed in Qatar, easing investor concerns after the latest escalation involving strikes on military targets and shipping routes.
Despite the recovery, analysts including Rekt Capital, Benjamin Cowen, Cheds Trading and Markus Thielen said Bitcoin's broader technical outlook remains weak and cautioned that the latest rally may not signal a lasting trend reversal.
Rekt Capital identified US$61,000 as an important resistance level after Bitcoin failed to reclaim it for a fourth consecutive day, while Cowen and Cheds Trading noted the asset had recorded its lowest daily close since 2024 and its first weekly close below the 200-week moving average since 2023.
Markus Thielen of 10x Research said the firm's Bitcoin trend model turned bearish on May 22 when Bitcoin traded near US$75,600 and has remained negative despite recent buy-the-dip activity.
The latest price action highlights that while geopolitical tensions can trigger short-term volatility, analysts continue to view technical confirmation and macroeconomic conditions as the key factors determining whether Bitcoin can establish a more durable recovery.
At the time of reporting, Bitcoin price was $59,878.19.
