The Bitcoin price is back above the psychological $75,000 level after briefly dipping below it earlier in the day. BTC’s rebound above this level comes on the back of reports that the U.S.-Iran ceasefire could soon extend for up to 60 days.
Bitcoin Price Rebounds Above $75,000 As U.S.-Iran Ceasefire Could Extend
Bitcoin has rebounded above $75,000, with the leading crypto currently trading at around $75,500, according to TradingView data. BTC had declined notably below $75,000 earlier, as the SEC delayed its decision on tokenized stocks due to regulatory concerns.
The Bitcoin price rebounded above this level, following a Financial Times report that the U.S. and Iran are nearing a deal to extend the ceasefire by 60 days, according to mediators. The report revealed that terms of the deal will include the gradual reopening of the Strait of Hormuz and a commitment to discuss the handing of Iran’s enriched uranium.
In return, the U.S. would ease its blockade of Iranian ports and agree to sanctions relief while unfreezing Iran’s assets abroad. Iran’s foreign ministry spokesman Esmael Baghaei revealed that both sides were discussing a memorandum of understanding to end the war, while they would discuss other details, such as the nuclear program, during this extended ceasefire.
This move represents a positive for the Bitcoin price, as U.S. President Donald Trump signaled that the U.S. could soon attack Iran to force it to make a deal. President Trump had earlier this week held off on renewing strikes on Iran following a request from leaders from Saudi Arabia, Qatar, and the UAE.
Trump Confirms New Draft Agreement
According to CBS, President Trump said there is a draft agreement with Iran that he has already read. However, he didn’t confirm whether he had signed off on the draft agreement, but assured that they are getting closer to a deal, which is a positive for the Bitcoin price.
The BTC price could see further volatility today, as U.S. Secretary of State Marco Rubio told the New York Post there might be news later today, though he remains unsure. However, he added that progress has been made and that they are currently working on finalizing a deal.
Polymarket data shows a 39% chance of a U.S.-Iran peace deal by June 35, with the odds rising on the back of these latest developments. Meanwhile, there is a 59% chance that both sides could reach a peace deal by July 31.
-1024x683.jpg "Strait Outta Hormuz: Getting the Iran Oil Story Straight")
