Bitcoin crossed the $64,000 level on June 12 after Donald Trump said Washington and Tehran had reached a deal to end hostilities. The coin then moved sharply through the session as traders reacted to fresh headlines, sell-offs, and quick reversals. The price first broke $63,000 after Trump’s announcement on Thursday afternoon. It later traded between $63,200 and $63,800 until after 2 a.m. EST, when a sell-off pushed it to $62,805.
Three hours later, Bitcoin rose to $63,800 and gained about $1,000. Soon after, another sell-off pulled it back to just over $63,000. A third rally in 24 hours lifted it to $64,349, the highest level in seven days. At 12:45 p.m. EST, bitcoin traded just below $63,900 and showed a daily gain of nearly 2%.
The move lifted its seven-day gain to 4.5%. It also pushed bitcoin’s market value to $1.28 trillion. On derivatives markets, the swings triggered $68 million in short liquidations and $20 million in long liquidations.
Global markets first rose on the reported deal. However, skepticism spread fast because the agreement still needed formal Iranian ratification. Hours later, Iranian state media, citing senior government sources, began rejecting Trump’s account. By the morning of June 12, reports confirmed Tehran’s denial, and Trump responded sharply to Iranian leaders.
The price action followed a week of heavy volatility. Bitcoin started near $73,000 last Sunday, fell below $60,000 for the first time since the US election in November 2024, and recovered to about $63,500 by Saturday. Can Bitcoin keep moving higher without stronger support from broader market flows?
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The recent slide also followed a June 1 disclosure from Michael Saylor’s strategy. The company said it sold 32 BTC for about $2.5 million between May 26 and May 31 to fund dividends on its STRC preferred shares.
This sale remained small compared to Strategy’s roughly 845,000 BTC holdings. The company still controls about 4% of the total bitcoin supply. ETF flows also stayed weak. A Bitunix analyst said spot bitcoin ETFs lost about $405 million over the past week and $5.49 billion over the past month.
At the same time, other markets stayed firm. Brent crude fell from $97 to $87 a barrel during the week, while WTI dropped from $94 to $84. Major stock indexes also closed the week higher. Bitcoin now sits in a valuation zone often linked with bear-market bottoms. Even so, the market has not produced the kind of panic flush that usually confirms one.
Bitcoin climbed above $64,000 after Trump’s Iran deal claim, but the rally faded when Tehran denied the agreement and selling returned. ETF outflows, sharp liquidations, and weak liquidity kept the market under pressure, leaving traders focused on whether stronger capital inflows will support the next move.