Bitcoin (CRYPTO: BTC) is up 3% over the past 24 hours after President Trump announced a 5-day postponement of attacks on Iranian energy infrastructure, following what he called productive talks.

The Geopolitical Catalyst

Trump said in a Truth Social post that the two countries held productive conversations regarding a complete resolution of hostilities in the Middle East. 

The five-day hiatus doesn’t end the war as Iran continues to strike targets across the Gulf and Israel would also need to sign up.

Bitcoin, which sank below $68,000 overnight, climbed above $71,000 in early U.S. hours before retreating closer to $70,000 after Fars cited an unidentified source denying any talks between the countries. 

Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), Solana (CRYPTO: SOL), and Chainlink (CRYPTO: LINK) all rose as much as 5% over 24 hours before giving back part of the gains.

The Broader Market Reaction

Gold erased almost all its earlier losses, now down just 1% on the day and rebounding to $4,440 per ounce. 

The U.S. dollar index slipped to 99.3, while the 10-year Treasury yield fell 100 basis points to 4.3%.

WTI crude dropped 11% to below $88 per barrel, while Brent crude fell 8% to around $100 per barrel. 

Tokenized Brent crude futures saw $62.4 million in liquidations on Hyperliquid, with $61.69 million from longs and just $717,000 from shorts.

Crypto-related stocks advanced in premarket trading. Galaxy Digital (TSX:GLXY) rose 2%, while Coinbase (NASDAQ:COIN) and IREN (NASDAQ:IREN) each added around 2%. Strategy (NASDAQ:MSTR), the largest corporate Bitcoin holder, gained more than 3%.

Options Show Defensive Bias

Despite the risk-on market reaction and oil price drop, options tied to Bitcoin continue to reflect a defensive bias. 

Put options on Deribit trade at an 8-10 volatility point premium to calls through the June-end expiry, largely unchanged from earlier in the day.

This suggests traders remain cautious, viewing the latest bounce with skepticism and bracing for potential aftershocks from the recent oil spike on broader markets and the global economy. The same pattern holds true for Ethereum options.

Bitcoin Breaks Channel Resistance

Bitcoin’s 5% surge broke above the rising channel’s upper boundary near $72,500-$73,000 and is pushing directly into the Parabolic SAR resistance at $75,848. 

The Supertrend at $66,129 has held as support throughout the entire base-building phase.

A daily close above $72,500 confirms the channel breakout. 

A close above $75,848 flips the Parabolic SAR bullish for the first time since the November breakdown, providing dual momentum confirmation with the already-bullish Supertrend.

The last time both indicators aligned bullish was during the September-October 2025 rally that took price from $82,000 to $108,000.

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