Bitcoin hit $65,005 on Wednesday, reclaiming the $65,000 mark for the first time since a selloff triggered by renewed U.S.–Iran hostilities. The price had slipped below $62,000 earlier this week as geopolitical tensions spooked markets. Wednesday's move caps a two-week recovery from a late-June low near $58,000.
The Iran selloff and the bounce
The selloff started in late June after reports of heightened military posturing between Washington and Tehran. Bitcoin dropped from around $64,000 to a low near $58,000 in a matter of days. That was the deepest pullback since May. This week's dip below $62,000 looked like a second leg lower, but buyers stepped in quickly. By Wednesday morning, the price had pushed back through $65,000, a level that had acted as resistance since the initial selloff.
From $58,000 to $65,000 in two weeks
The recovery has been steady but not straight. After bottoming out near $58,000 in late June, Bitcoin spent the first week of July grinding higher, breaking back above $60,000 and then $62,000. The real push came this week. Tuesday saw the price test $64,500 before pulling back. Wednesday's move to $65,005 was the first time the asset had traded above $65,000 since the selloff began. The two-week rally represents a gain of roughly 12% from the low.
Holding above $65,000
The question now is whether Bitcoin can hold the level. The $65,000 area has been a psychological and technical line in the sand for months. A close above it would mark a clean recovery from the Iran-driven panic. But the geopolitical situation hasn't changed — the underlying tensions that triggered the selloff are still there. Traders are watching to see if the price can sustain above $65,000 in the coming sessions, or if another headline from the region will knock it back down.
