Bitcoin has climbed to a two-week high, surpassing $65,500, following the announcement of a US-Iran deal that has led to a decline in oil prices. The agreement, initially announced by Pakistani Prime Minister Shehbaz Sharif and later confirmed by President Donald Trump, is set to reopen the Strait of Hormuz on Friday. This development has reversed the recent trend of rising oil prices, which had previously contributed to Bitcoin's dip below $60,000. The recent selloff in Bitcoin was also influenced by Strategy's sale of 32 bitcoins to fund dividends, highlighting market sensitivity to institutional actions. Despite the positive impact of the US-Iran deal on Bitcoin's price, questions remain about sustained demand, particularly in light of ETF outflows. Market observers are watching to see if institutional interest will bolster Bitcoin's recovery or if the current rally will lose momentum once the effects of the oil deal are fully absorbed.