Bitcoin price has erased losses triggered by a hotter-than-expected U.S. inflation report, rising above $63,000 after Donald Trump unveiled details of a potential peace deal involving Iran.
According to market data, Bitcoin ($BTC) price rose from around $62,300 to as high as $63,700 on June 11 after Trump revealed that discussions with Iran had progressed and a potential peace agreement was nearing completion. At the time of writing, $BTC was trading near $63,446, up more than 2.8% from its intraday low.
The rebound came after a volatile trading session that initially favored sellers. Earlier in the day, data from the U.S. Bureau of Labor Statistics showed producer inflation accelerating faster than economists had expected.
The Producer Price Index increased 1.1% in May, exceeding forecasts for a 0.6% rise, while annual PPI reached 6.5%. Core PPI, which excludes food and energy prices, rose 0.8%, also above estimates.
Risk assets weakened following the inflation report as traders reassessed expectations for interest rates ahead of the Federal Reserve’s June 16-17 policy meeting. $BTC briefly slipped toward $62,500 before sentiment changed after Trump’s latest comments on the Middle East.
In a June 11 Truth Social post, Trump said he had canceled scheduled strikes and bombings against Iran after discussions with the Iranian leadership.
“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening.”
He added that the final points of the agreement had been approved by countries including the United States, Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt. Trump also stated that a naval blockade would remain in place until the agreement is finalized.
The announcement sparked a broader risk-on reaction across financial markets. Oil prices fell sharply from above $91 to below $87 within minutes, while major cryptocurrencies also moved higher. Ethereum (ETH) approached $1,700, $BNB ($BNB) reclaimed the $600 level, and Solana (SOL) gained roughly 5% on the day to trade near $67.
Technicals point toward a test of major resistance
Bitcoin’s recovery has pushed the asset into an important technical zone. On the four-hour chart, $BTC has broken above the 0.786 Fibonacci retracement level at roughly $62,389 and is testing the upper boundary of a symmetrical triangle pattern that has formed since the June selloff.
Momentum indicators have improved alongside the price action. The four-hour RSI has climbed above 55 while the MACD has completed a bullish crossover, signaling improving buying pressure following the rebound from the $59,100 low.
At the same time, CoinGlass liquidation heatmap data shows one of the largest nearby liquidity clusters sitting between $64,500 and $65,000. Markets often gravitate toward areas with heavy concentrations of leveraged positions, making that zone a key level to watch if buyers maintain control.
Multiple indicators converge near $65K
Several technical signals now point to the same resistance region. The daily chart shows Bitcoin approaching the 0.786 Fibonacci retracement level near $64,231, while the four-hour chart places the next major retracement level at roughly $64,924. A descending trendline from the May peak also intersects near the same area.
Although the recovery has strengthened short-term momentum, the daily trend remains under pressure. The daily RSI has rebounded from oversold conditions but remains below the neutral 50 mark, while the MACD continues to trade in negative territory despite improving momentum.
Attention now turns to the Federal Open Market Committee meeting scheduled for June 16-17 under Fed Chair Kevin Warsh. Meanwhile, crypto.news reported earlier that some analysts have warned the upcoming SpaceX listing could compete for investor capital at a time when cryptocurrencies are already facing ETF outflows and weak market sentiment.
A decisive move above the $64,500-$65,000 zone could open the door to a test of $68,200, while failure to break that area may leave Bitcoin vulnerable to another pullback despite the renewed optimism surrounding U.S.-Iran negotiations.
