Bitcoin has climbed back above $64,000 as hopes for a U.S.-Iran peace deal pushed risk assets higher across the board. The world’s largest cryptocurrency had a turbulent week, but ended it on a positive note.
The price started the week at $60,804, having fallen from higher levels due to geopolitical tension in the Middle East, rising oil prices, and concerns about inflation keeping interest rates high. At one point, BTC dipped below $60,000 for the first time since November 2024.
The turnaround came when U.S. officials signaled progress on a potential deal with Iran. President Trump said a deal was close and called off planned strikes against Iran. He added that both sides would announce a venue and time for signing.
Bitcoin climbed above $63,000 following Trump’s statement, then pushed higher again after Iran’s Foreign Minister Abbas Araghchi confirmed the news.
Araghchi said the Islamabad Memorandum of Understanding “has never been closer,” though he urged media not to speculate on the content before it is finalized.
Crypto analyst Ted Pillows shared his take on X, pointing to historical price patterns. He noted that BTC traded 10–20% below the 300-week EMA before bottoming in the last cycle and expects something similar this time — putting the bottom at around $50,000 before a rally toward $100,000.
Bitcoin Rises as Geopolitical Tension Eases
U.S. Vice President J.D. Vance also confirmed a deal is near, while pushing back on rumors. He stated that Iran is not receiving any cash and no funds are being released simply by signing.
“This deal has the potential to remake the region and lead to lasting peace,” Vance said.
Despite the positive statements from both sides, crypto prediction market Polymarket puts only a 37% chance of a permanent deal by June 30, and a 46% chance by a later date. Traders are not fully pricing in a deal yet.
Bitcoin also got a boost from the strong Nasdaq debut of SpaceX. Shares of the Elon Musk-led company surged around 19% on their first trading day, lifting growth-oriented assets more broadly.
New Crypto ETF Gets SEC Green Light
The SEC approved NYSE Arca’s proposal to list the T. Rowe Price Active Crypto ETF. The actively managed fund can invest in a range of digital assets including Bitcoin, Ether, XRP, Solana, and Dogecoin.
This marks another step in the expansion of regulated crypto investment products in the U.S.
Meanwhile, Strategy — the largest corporate holder of Bitcoin — disclosed it sold 32 BTC for about $2.5 million between May 26 and May 31. The sale was used to fund dividends on its preferred shares, and is small relative to its overall holdings.
Spot Bitcoin ETFs have also seen sustained outflows recently. Bitcoin is currently trading at around $63,814, still roughly 50% below its October 2025 record high of $126,000.
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