Latest Bitcoin news: Price retests 20-day EMA support after 5% rally from geopolitical relief
Price broke above the 20-day and 50-day EMAs
Bitcoin price surged more than 5% on Monday, June 23, climbing to a three-day high at $106200 after rebounding strongly from the 100 EMA and the base trendline of a descending channel.
The catalyst for this sharp upside was geopolitical relief following U.S. President Donald Trump’s announcement of a full ceasefire between Israel and Iran. Tehran confirmed the truce, effectively ending a 12-day conflict that had previously weighed on market sentiment.
- Bitcoin surged 5% after geopolitical relief from a U.S.-brokered Israel-Iran ceasefire.
- Price broke above the 20-day and 50-day EMAs, reclaiming key technical resistance zones.
- Bitcoin now compresses between $103,000 and $106,600 as bulls try to defend short-term momentum.
The ceasefire boosted Bitcoin recovery strength, erasing all of last week’s war-related losses, and also marked the largest day gain for Bitcoin in June 2025. This upside reclaimed two major resistance levels. First was the 50-day EMA at $103,000 which had previously acted as a resistance zone. Then came the 20-day EMA at $104,900, broken during the late Monday rally. These breakouts reinforced the perception that short-term momentum was shifting back in favor of bulls.
BTC price dynamics (May - June 2025). Source: TradingView
Today is Tuesday, June 24 and price action has slowed. During the Asian session and currently into the European hours, Bitcoin has experienced limited volatility. Price is currently testing the 20-day EMA from above, attempting to establish it as a support. If this level holds, the near-term bullish target becomes $106,600, just above Monday’s high.
Bitcoin fear and greed index shifts to neutral as price rebound on 20-day EMA
The Bitcoin fear and greed index has shifted from fear to neutral following the geopolitical relief, showing that risk appetite has improved but not fully recovered. This aligns with the daily RSI reading, which is also neutral, suggesting indecision in the broader trend outlook. However, the 4-hour RSI still shows bullish momentum, reflecting strength in shorter timeframes.
Failure to hold above the 20-day EMA would expose Bitcoin to a pullback toward the 50-day EMA at $103,000, which has now turned into the next key support. This level also aligns with the prior resistance zone, potentially serving as a retest area for continued bullish structure.
The broader outlook hinges on whether geopolitical calm continues and if buyers can defend key moving averages as price compresses between support at $103,000 and resistance at $106,600. Both technical and macro factors are now working in tandem to shape the next leg in Bitcoin’s move.
Bitcoin fell to $98,500 after a U.S. airstrike on Iran triggered a sharp weekend selloff. Price struggled to recover as $105,000 resistance and weak momentum blocked upside attempts.
