Bitcoin Magazine
Bitcoin Price and Crypto Stocks Surge as Iran Ceasefire, Strategy’s $100M Buy Collide With Fed Week
Bitcoin price climbed to a two-week high Monday as a U.S.-Iran ceasefire removed one of the market’s most persistent macro overhangs, sending crypto-linked equities surging ahead of what traders are framing as the week’s real test: Federal Reserve Chair Kevin Warsh’s first FOMC meeting.
Bitcoin price traded near $67,000 up 4% in 24 hours, after Iran confirmed a memorandum of understanding reopening the Strait of Hormuz. The price broke through $64,000 resistance on thin weekend liquidity before consolidating into Monday’s New York open.
But Nansen Research Analyst Nicolai Sondergaard urges caution about reading too much into the headline move.
“The ceasefire news pushed Bitcoin to $66,000 on thin weekend liquidity, but traders who have been burned twice already this year are not fully redeploying yet,” he wrote to Bitcoin Magazine. “The April deal collapsed, and U.S. strikes broke a second truce on June 9, with Bitcoin giving back the entire relief move both times. The market is treating June 19 in Switzerland as the real timestamp, not Sunday’s headlines.”
Strategy buys again
Strategy (MSTR) disclosed a fresh 8-K Monday showing it acquired 1,587 BTC for roughly $100 million between June 8 and June 14, funded through its at-the-market stock offering program, bringing total holdings to 846,842 BTC.
Shares gained more than 9% on the news, pushing intraday volume to 16.84 million shares.
Strive (ASST), the Bitcoin treasury company chaired by Vivek Ramaswamy, rose nearly 16% to $17.50 — continuing a recovery from its three-month low of $9.00 in early April. Other stocks like Coinbase, Robinhood, and Circle all jumped over 5%.
The rally in crypto equities reflects something Austin Federa, co-founder of DoubleZero has observed on the ground.
“Institutions love crypto,” Federa said. “I’ve never seen more excitement from bankers and suits. You wouldn’t know it’s a bear market talking to them.”
The bitcoin price structure debate
Despite the green screens, analysts at Bitfinex see danger in mistaking relief for demand. “What the tape shows is seller exhaustion arriving at the same moment as a macro reprieve, which is a different condition from genuine demand,” the firm’s analyst team wrote to Bitcoin Magazine. “The price action that follows each behaves very differently, which leads us to believe that despite the short-term recovery, bulls face significant hurdles before an uptrend can form.”
Bitfinex identified the conditions for a durable bid: “We believe that we have a temporary bottom with multiple confluences like correlated assets drifting higher, large liquidations causing a funding and open interest reset and spot seller exhaustion with macro reprieve at the moment. However, the two major spot buyer complexes in ETFs and Treasury/DAT compa