Following a de-escalation in geopolitical tensions, global risk assets rebounded, with Bitcoin reclaiming $66,000. U.S. President Trump stated that oil-carrying vessels are passing through the Strait of Hormuz, while rumors of a temporary peace agreement between the U.S. and Iran further boosted market risk appetite.
The decline in oil prices has spurred a rebound in risk assets.
On June 15, Bitcoin rose intraday to approximately $66,829 before retreating to around $66,460, posting a daily gain of nearly 5%. At the same time, crude oil prices fell about 5.7%, dropping below $80 per barrel and hitting a two-month low. The geopolitical premium, which had been driven up by tensions in the Middle East, reversed, easing concerns about a resurgence in inflation.
Following an improvement in risk sentiment, capital has returned to the crypto market. U.S. spot Bitcoin ETFs recorded a net inflow of $859 million today, ending five consecutive days of outflows. However, over a longer timeframe, the capital recovery remains limited. According to SoSoValue data, since May 15, these funds have seen net inflows on only two trading days, with a cumulative net outflow of approximately $5.71 billion over the past five weeks.
ETF inflows and corporate buying provide support.
In addition to the rebound in ETF funding, corporate buying has also provided market support. Strategy previously disclosed the purchase of 1,587 bitcoins, valued at approximately $100 million. This increase came shortly after the company disclosed its first sale of bitcoins in several years, prompting market attention on whether its long-term accumulation strategy had changed.
On-chain and derivatives data also indicate a recovery in buying pressure during the rebound. Glassnode noted that after Bitcoin retraced to the $60,000 range, accumulation trend scores rose across multiple wallet types, suggesting that post-drawdown holdings are being absorbed by the market. The firm also mentioned that Bitcoin has returned to the vicinity of $65,000, a region of high options concentration, where market maker hedging flows may help stabilize prices following recent volatility.
Short covering amplifies the upward movement.
As the price rebounded above the key level of approximately $65,150, short covering accelerated significantly. According to CoinGlass data, the cryptocurrency market saw a total of $556.5 million in liquidations over the past 24 hours, with short liquidations accounting for approximately $459.9 million. Bitcoin alone accounted for about $168.7 million in short liquidations, far exceeding long liquidations of approximately $23 million.
The liquidation distribution also shows that a significant number of leveraged positions are clustered between $67,000 and $68,000. If upward momentum continues, this area may further attract price appreciation; meanwhile, notable liquidity remains near $64,500 to $65,000 below.
The market remains focused on the $65,000 support level.
Despite the clear rebound, there is still disagreement in the market over whether this rally constitutes a trend reversal. Some analysts believe this move is more of a liquidity-driven surge rather than a confirmed new breakout. Others point out that Bitcoin has repeatedly held the 200-week moving average, and the weekly RSI has shown divergence—conditions that have often occurred near阶段性 bottoms in the past.
Next, market focus will shift to the Federal Reserve meeting on June 16–17. If policymakers continue to emphasize inflationary pressures, risk assets may remain under pressure despite the recent decline in oil prices. For Bitcoin, if it falls below $65,000 again, the recent breakout structure could be undermined, with the $63,200 to $64,000 range potentially reasserting itself as the primary support zone.