Bitcoin surged to $66,700 on Tuesday, marking a fourth consecutive session of gains and reaching a two-week high after bottoming at $59,130 earlier this month. The rally follows a US-Iran ceasefire agreement that eased geopolitical tensions, with President Trump authorizing the reopening of the Strait of Hormuz. Markets are also reacting to the first Federal Open Market Committee meeting under new Fed Chair Kevin Warsh, with traders awaiting Wednesday’s dot plot release and a June 19 peace signing in Switzerland.
The round $60,000 level functioned as a strong accumulation zone, absorbing sell pressure and triggering the rebound. BTC briefly tested $67,000 intraday before settling 0.5% higher, though it remains 47% below its October 2025 record of $126,198. Technical analysts are now watching the $70,000 resistance level, which aligns with the 50-day moving average. However, the broader trend remains bearish with price below key moving averages.
FXnCO Insight
Treat this as a countertrend bounce within a consolidation range rather than a trend reversal until Bitcoin breaks cleanly above the 200-day EMA near $79,000.
Source: Finance Magnates