Bitcoin Eyes $69,000 as Oil Drops Below $80 on Iran Peace Deal

Bitcoin started the third week of June higher as a US–Iran peace deal lifted risk assets and US stock futures surged. The move pushed BTC toward local highs around $66,000, and traders are pointing to $69,000 as a likely short-term target. The accord, described as a 60-day pause in hostilities to be signed in Switzerland, would include reopening the Strait of Hormuz, US President Donald Trump said on Truth Social.

Oil reacted by sliding, with WTI crude trading below $80 per barrel for the first time since mid‑April. Attention now turns to the Federal Reserve, where new chair Kevin Warsh will lead his first meeting to set interest rates. Markets see almost no chance of a 0.25% cut — the CME FedWatch Tool puts the odds at about 3.4% — leaving expectations for rates largely unchanged.

Onchain metrics offer a mixed picture: CryptoQuant data indicates whales have returned to buying, with coin days destroyed plunging and long-term selling stopping, effectively establishing a floor near $60,000–$61,500.

Switzerland

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