Bitcoin surges to $66,468 as $100 million bought
Bitcoin made a strong comeback in Monday trading, climbing back above $66,000 after weeks of downward pressure. The recovery was fueled by renewed optimism following a US-Iran agreement aimed at easing regional tensions and a fresh $100 million Bitcoin purchase by Strategy. During the day, Bitcoin gained 1.8%, reaching as high as $66,468.
Geopolitical deal boosts market sentiment
On Sunday, Washington and Tehran confirmed that they had reached a memorandum of understanding to reduce long-standing tensions. An official signing ceremony is scheduled for Friday. The agreement calls for the immediate cessation of hostile actions, resumption of normal operations in the strategically critical Strait of Hormuz within 30 days, and the beginning of discussions on Iran’s nuclear activities and asset freezes.
In the wake of this development, risk appetite strengthened across financial markets. US stock indices rose, crude oil prices fell by over 4%, and declining bond yields suggested investors were shifting positions between safe havens and riskier assets.
Strategy adds to Bitcoin reserves
Strategy, the largest institutional holder of Bitcoin worldwide, purchased 1,587 BTC between June 8 and June 14 at an average price of $63,024 per coin, spending approximately $100 million. The company financed this acquisition by selling 1.73 million shares of its Class A common stock, raising roughly $209 million in total.
According to data shared by Michael Saylor, Strategy now owns 846,842 BTC, valued at around $56 billion at current prices. The company’s average acquisition cost stands at $75,656 per BTC, translating to a cumulative total spend of $64.1 billion.
ETF outflows ease but remain negative
Last week saw net outflows of $315.8 million from US spot Bitcoin ETFs, a smaller sum compared to the weekly withdrawals of over $1 billion observed in the previous four weeks. However, this marks the fifth consecutive week of negative net flows for spot ETFs.
Market watchers note that some institutional demand for crypto assets may have shifted towards artificial intelligence stocks, which could partly explain the limitations on Bitcoin’s upward momentum.
Analysts eye key resistance and support
Crypto analyst Ali Martinez highlighted that Bitcoin has surpassed the $64,360 resistance area. If the bullish momentum persists, the next target could be $67,630—a level considered critical for short-term direction, based on technical analysis.
Meanwhile, Ardi, known for his cautious approach, pointed out that Bitcoin’s rebound after falling below the $60,000 zone is a rare pattern during downward cycles. According to Ardi, if Bitcoin can hold above $66,500, it might signal an unusually strong phase for the current market. Still, Bitcoin remains below its long-term moving averages, and participants are waiting for firmer signals of a durable bottom.
The post Bitcoin surges to $66,468 as $100 million bought appeared first on COINTURK NEWS.
You May Also Like
Ethereum koers toont zeldzaam dubbel koopsignaal en richt zich op $4.550
UK Gilt Yields Spike As Burnham Win Opens Door To Oust Starmer
HashKey Capital’s Strategic $540K STO Deposit to Binance Reveals Institutional Crypto Moves Amid Market Turmoil
