A US-Iran peace agreement that reopens the Strait of Hormuz removed a major geopolitical overhang from energy markets, sending oil sliding and freeing capital to rotate back into risk assets including Bitcoin, which hit $65,500 — a two-week high. The dynamic mirrors classic 'risk-on' rotations where receding macro fear acts as a catalyst for crypto re-rating, independent of any Bitcoin-specific fundamental.

The setup now depends on whether the deal holds and whether the oil move is durable, since a reversal in either would quickly drain the geopolitical-premium tailwind that just lifted BTC. Key levels to watch: whether BTC can sustain above $65,500 and build toward prior resistance near $68-70k, and whether oil stabilizes or continues lower — the latter would extend the risk-on signal.