Bitcoin Spikes 5% on Trump Iran Deal Signal, Then Slips to $63K as KOSPI Sinks 6.8%

Bitcoin News Bitcoin jumped roughly 5% on Sunday evening, June 7, after President Donald Trump declared he controls the Iran timeline, telling reporters "I call the shots. I call all the shots" in a pointed rebuke of Israeli Prime Minister Benjamin Netanyahu. The cryptocurrency had slipped from $62,000 to $61,200 minutes earlier as Israel struck Hezbollah-linked sites in south Beirut and Iran's Revolutionary Guard answered with "warning strikes." Markets quickly reversed once Trump signaled a deal was "almost complete." Traders read the remarks as a firmer commitment to diplomacy than past ceasefire chatter, treating the president's language as a near-term price catalyst. The relief proved short-lived. Bitcoin receded toward $63,000 by early Monday after touching an overnight high near $63,776, as renewed Iran-Israel airstrikes shattered the fragile truce and battered Asian risk appetite. South Korea's KOSPI plunged more than 6.8%, triggering a temporary trading halt, while Japan's Nikkei shed over 3%. The whipsaw underscored how tightly the leading crypto market is now tethered to geopolitical headlines, with each escalation and de-escalation producing sharp intraday swings rather than a durable directional move in either direction. Energy and rates added to the pressure. WTI crude futures spiked more than 3% to $93.50 as the two nations resumed hostilities, reviving inflation worries just as U.S. Treasury yields hardened following a blowout monthly jobs report. Rising yields typically strengthen the dollar and dollar equivalents, draining demand from riskier assets. The combination of pricier oil and firmer rates lifted Fed hike expectations, a macro backdrop that has weighed heavily on Bitcoin throughout the recent drawdown and kept any geopolitical relief rallies from gaining lasting traction across the broader risk complex. Trump's diplomatic posture remained the dominant variable. He confirmed he phoned Netanyahu directly to urge restraint, said he was "not happy" with Israel's strikes, and stressed the attacks were not coordinated with Washington. "Israel had its strike and Iran had its strike. We don't need another one," he said, adding that Netanyahu "won't have any choice" but to accept whatever agreement the U.S. reaches with Tehran. An announcement is expected at the start of the new business week, a timeline that could prove decisive for sentiment if it materializes on schedule. The latest volatility caps a punishing stretch in which Bitcoin fell nearly 14% last week and briefly broke below $60,000. The decline has multiple drivers beyond geopolitics: heavy selling tied to Strategy's Bitcoin disposals, a rotation of capital into AI equities, and a sustained exodus from spot Bitcoin ETFs. Bitcoin now trades roughly $20,000 below its mid-May peak of about $82,000, leaving it firmly in bear market territory by many measures and well off the optimism that defined the spring run toward new highs. Volatility is likely to persist through the week as several high-impact events converge. Traders are bracing for fresh U.S. inflation data that could sway Fed rate expectations, alongside marquee public offerings from SpaceX and Anthropic that may pull liquidity toward equities. Combined with the unresolved Iran-Israel conflict and the pending peace announcement, these catalysts create a crowded calendar where any single surprise could spark outsized moves. Until the macro and geopolitical picture clarifies, Bitcoin appears destined to keep trading as a real-time barometer of global risk sentiment rather than on its own fundamentals. Technically, Bitcoin trades near $62,799, up 1.77% on the day but locked in a downtrend. The RSI at 25.96 sits deep in oversold territory, hinting at a possible relief bounce, yet the price action faces a bearish MACD signal. Immediate support rests at $61,835, with deeper floors at $59,109 and $52,679. Resistance stands at $64,252, then $66,703 and $71,020. A daily close above $64,252 would strengthen the oversold-rebound thesis, while a decisive break below $61,835 likely opens the door to the $59,000 zone and invalidates any near-term recovery setup.