U.S.-Iran Truce Reopens Hormuz, Bitcoin Shorts Squeezed

The Islamabad declaration, signed on June 14, set a 60-day ceasefire between the United States and Iran and allowed shipping through the Strait of Hormuz to resume. The reopening reduced immediate oil-supply concerns and coincided with gains across the cryptocurrency market.

Bitcoin traded near $65,437 after roughly $246 million in short positions were liquidated over 24 hours. The short-covering created upward pressure on the price. The total crypto market capitalization rose 0.45% to about $2.22 trillion, up almost 10% from a June 5 low near $2.02 trillion.

The declaration does not resolve disagreements over nuclear enrichment limits or the exact implementation timeline, and some Iranian officials dispute parts of the agreement. The Strait of Hormuz carries a significant share of global oil shipments. Oil prices have fallen by more than $12 a barrel since mid last week as shipments resumed.

Lower oil prices reduced near-term inflation pressure and shifted market expectations toward a possible interest-rate cut by the Federal Reserve. The truce was announced over a weekend when many equity markets were closed, and some capital moved into crypto markets while other venues were unavailable.

Technical levels for Bitcoin show resistance at $66,294, which corresponds with the 0.382 Fibonacci retracement and the 50-period exponential moving average near $65,849. A clear break above $66,294 would open targets toward $70,756. Immediate support sits near $63,534. Reported trading volume has declined since June 8.

Worldcoin rose about 20% after Eightco Holdings disclosed holdings of 283.45 million WLD tokens, equal to about 8.4% of the circulating supply. WLD traded around $0.58, more than 120% above late-May lows near $0.27. The token has traded inside a rising channel since mid-May and met resistance close to $0.59. Trading volume has fallen since June 11, and lower volume raises the possibility of a pullback to $0.54 or $0.48; a strong daily close above $0.59 would set nearer targets at $0.64 and $0.71.

Market analysis identifies $2.29 trillion as nearer-term resistance for total crypto market cap, with higher technical targets near $2.37 trillion and $2.45 trillion. Closer support is around $2.19 trillion. Market participants say the next moves will depend on whether the ceasefire holds, oil-price trends and upcoming economic data that could affect Fed policy expectations.