Bitcoin (BTC) rose to its highest price in one month of $66,000 despite President Donald Trump threatening to strike a key nuclear site in Iran. Trump’s threat comes even as reports emerge that Iranian negotiators are holding talks for a 10-day ceasefire that could revive the deal between the US and Iran.
Bitcoin Price Holds $65K Despite Escalating Geopolitical Tensions
Bitcoin trades at $65,865 today, June 22. BTC price is now up by 1.71% in the last seven trading days, with the gains occurring despite escalating tensions between the US and Iran that have pushed oil reserves to a 43-year low.
The BBC now notes that Trump has warned that the US will attack the Pickaxe Mountain, where Iran is speculated to hold nuclear centrifuges.
“We’ll be hitting that area pretty soon, and very heavily,” Trump said.
In response, Iran has said that such an attack would force it to retaliate with more strikes in the Middle East.
The threats are coming shortly after Reuters noted that Iranian mediators have passed a proposal that would offer a ceasefire for ten days, within which the US and Iran could revive their peace deal.
CoinGape also reported earlier that the US Secretary of State Marco Rubio said the US is still open to negotiating with Iran, with this optimism driving gains in Bitcoin price.
Bitcoin Price Remains Within Ascending Channel as Bulls Target $69,000
The price of Bitcoin is moving within a rising parallel channel, and this suggests that the momentum is favoring bulls.
However, the uptrend faltered when BTC reached the obstacle at the top of this channel at $66,956.
If this drop continues to the midline of this channel at $65,000, and Bitcoin closes below it, the king coin could retest support at the 61.8% Fib of $63,458.
But if Bitcoin price can close above this resistance of $66,956, it could reach the 123.6% Fib of $69,116.
The MACD line that is positive suggests that bulls still have the upper hand, and this might allow BTC price to defend the support at $65,000 and create room for a move to $69,000.
The ADX line that is rising also supports a bullish long-term Bitcoin price prediction. It suggests that the upward trend that the rising channel shows remains strong.
Rising ETF Inflows and Whale Buying Signal Accumulation
Data from SoSoValue shows that inflows to spot Bitcoin ETFs reached $203 million on July 11. The ETFs now have six straight days of inflows, suggesting that institutional demand is rising.
The inflows also coincide with whales buying 48,000 BTC between June 21 and July 21 as Bitcoin price dropped below $60,000. CryptoQuant notes that these purchases have increased the holdings of wallets with 1,000 to 10,000 BTC to 3.09 million BTC.
Analyst Ruga Research also observes that 9,030 BTC was withdrawn from Binance on July 20. The analyst notes that this is the biggest single-day withdrawal for Bitcoin since February 6.
The accumulation by institutions and whales suggests that there could be less selling pressure on Bitcoin in the near term, and this could aid a move to the net resistance at $69,000.