Bitcoin above $65,700, but further US-Iran strike threats remain

The US and Iran reached an interim deal to halt the war and reopen the Strait of Hormuz, removing the macro weight that has pressed on crypto for weeks. Oil fell hard and equities jumped, while bitcoin moved only a little.

Brent crude dropped more than 4% toward $83, a three-month low, with the strait that carries about a fifth of the world’s oil set to reopen on June 19. Asian shares climbed more than 3%, and Japan’s Nikkei headed for a record close. Bitcoin trades near $65,000, up modestly over the weekend and still inside its recent $63,000 to $65,000 range, per CoinDesk data.

Traders may remember that bitcoin has been here before. A ceasefire in April fell apart, and US strikes broke another truce on June 9, each time clawing back the relief rally.

Traders are not pricing a permanent deal until the June 19 signing in Switzerland holds. The deal is interim, as sanctions are unresolved and Trump has said he could restart strikes if nuclear talks fail.

The bigger channel for crypto runs through inflation, not the headline.

Cheaper oil eases the price pressure that pushed central banks toward tighter policy. Meanwhile the Bank of Japan decides tomorrow, and a softer inflation backdrop could blunt the hawkish tilt that revived the yen carry-trade risk.

That is the path that would actually pull liquidity back toward crypto.