Bitcoin breached the $65,000 level for the first time in weeks, climbing more than 3% to trade above $65,800, as a wave of risk-on sentiment swept global markets. The move coincided with a broader rally that sent US stock index futures higher and pushed global equities to record highs, according to sources.
The catalyst appears to be reports that the Trump administration has finalized a peace deal with Iran, with a signing date confirmed by the president. The agreement dented oil prices and sharply eased geopolitical fears that had weighed on risk assets for months. Veteran trader Peter Brandt predicted a "massive" S&P 500 rally in the wake of the news, adding further bullish noise.
The rally extended beyond Bitcoin. XRP also gained, trading above $1.18 after a steady climb through the $1.15 level. The broader crypto market followed equities higher, with traders eyeing $66,200 as the next resistance for BTC. Some analysts remain cautious, warning that the sustainability of the rally depends on whether the ceasefire holds and oil price volatility subsides.
Critics argue the peace deal's details remain thin, and that much of the move is driven by short covering rather than genuine fundamental buying. If oil prices rebound or diplomatic talks stall, the risk-on trade could reverse sharply, they caution.