Bitcoin tops $67K following US-Iran peace deal: Is it a bull trap?
Bitcoin briefly rose above $67,000 after Trump announced a ceasefire deal with Iran, alongside falling Brent crude and a strong Nasdaq rally. Even so, crypto derivatives still show weak conviction: the 2-month futures basis stayed near 2%, below the 4% neutral level for months, while options skew showed higher demand for downside protection. The rally also triggered about $210 million in short liquidations. Support came from $86 million in spot Bitcoin ETF inflows on Friday and continued corporate buying by Strategy, but ETF flows remain negative since June 5 overall. Traders remain cautious because the Iran deal lacks clear long-term details, and Bitcoin’s year-to-date performance is still deeply negative. A sustained move back above $70,000 would likely require continued oil weakness and improved macro sentiment.
