[DigitalToday reporter Hyunwoo Choo] Bitcoin is aiming for $69,000 after a short-term rebound supported by expectations of a U.S.-Iran peace deal and a drop in oil prices. Cointelegraph, a blockchain outlet, reported on June 15 (local time) that bitcoin rose to $65,988 around the weekly close, reaching a two-week high range.

The United States and Iran are reported to be set to sign an agreement in Switzerland on Friday to halt hostilities for 60 days. U.S. President Donald Trump said the agreement includes reopening the Strait of Hormuz. On the news, risk assets such as U.S. stock index futures and cryptocurrencies rose across the board, and West Texas Intermediate fell below $80 a barrel for the first time since mid-April.

Weak oil prices helped bitcoin. A firm oil market had weighed on bitcoin, but this time it stirred risk appetite.

Short-term chart action also improved. Bitcoin held $60,000 and $62,000, the 200-week simple moving average, as support. Trader Superb said bitcoin closed the weekly candle near the highs and saw scope for short liquidations to around $69,000, where the 200-week exponential moving average sits. KripNuevo also pointed to the possibility of a recovery this week to near $69,000, below $70,000. A warning also emerged that if range trading continues, it could slide back toward recent lows.

Another factor this week is the U.S. Federal Reserve’s interest rate decision. The Fed holds its first meeting on Wednesday under Chair Kevin Warsh. The market is pricing in almost no chance of a rate cut as the Iran war has raised inflation pressure. CME FedWatch put the probability of a 0.25 percentage-point cut at 3.4 percent.

On-chain indicators were mixed. CryptoQuant data showed bitcoin whales’ coin days destroyed from exchange inflows plunging to about 33,000 from 2.16 million. Woo Min-gyu (우 민규) analyzed that selling by long-term holding whales has effectively stopped and that panic selling from other investors was absorbed around $61,000.

Even so, it is too early to conclude a return to a bull market. XWIN Japan judged that bitcoin’s apparent demand is still negative. With futures open interest also falling, some in the market are still leaving open the possibility of a final capitulation.