Bitcoin Jumps Above $63K on Iran Deal as Fed Caution Persists

Bitcoin climbed over 3% to above $63,400 after news of a potential U.S.-Iran peace deal eased geopolitical tensions, marking a sharp intraday rebound from levels near $61,100. The move follows weeks of heavy selling driven by hotter-than-expected May CPI at 4.2% and 13 consecutive days of spot ETF outflows totaling $4.4 billion. Despite the bounce, institutional demand remains muted ahead of the June FOMC meeting, while on-chain metrics show more than 50% of supply in unrealized losses and price hovering near production costs around $62,650. Analysts continue to flag potential 40-50% undervaluation relative to mining-cost models near $118,000 fair value.