- Bitcoin surged past $106,000 after a ceasefire between Iran and Israel boosted investor confidence and eased geopolitical tensions.
- Traders now await Fed Chair Powell’s speech, which could further fuel gains if it signals upcoming rate cuts.
Ceasefire Fuels Crypto Comeback
Bitcoin has staged a powerful comeback, reclaiming the $106,000 mark after briefly dipping below $100,000 for the first time in over a month. The rally was sparked by U.S. President Donald Trump’s ceasefire announcement between Iran and Israel, which eased global geopolitical tensions and restored investor confidence in risk assets like cryptocurrencies.
Market analysts believe the peace agreement reduced fears of oil supply disruptions and injected optimism back into the markets, propelling BTC and major altcoins upward. Ethereum, Solana, and Sui also surged, posting single-day gains of up to 13%.
Bitcoin Market Snapshot
At the time of reporting, BTC was trading at $105,077.64—up 3.56% over the past 24 hours. The world’s largest cryptocurrency saw a daily trading range between $99,705.75 and $106,116.86, according to CoinMarketCap. Bitcoin’s trading volume stood at $64.85 billion, with its market cap holding strong at $2.09 trillion.
Despite some profit booking at higher levels, bulls continue to dominate the scene, signaling renewed momentum across the broader crypto market.
Eyes on Powell as Momentum Builds
With the ceasefire boosting global sentiment, traders are now turning their attention to the upcoming speech by U.S. Federal Reserve Chair Jerome Powell. A dovish stance or any indication of rate cuts could serve as the next catalyst for Bitcoin’s breakout.
Edul Patel, CEO of Mudrex, highlighted how geopolitical stability has triggered a return to risk assets. He believes Bitcoin could break through the $107,700 resistance if Powell’s comments lean dovish. Meanwhile, Vikram Subburaj of Giottus Crypto Platform pointed out that Bitcoin’s return above $105,000 places it back in a key consolidation zone, preparing the ground for a potential upward surge.
With geopolitical fears easing and macroeconomic cues in focus, Bitcoin’s climb back to $106K could be just the beginning. If bullish momentum holds and the Fed signals relief, the crypto market may be gearing up for a strong breakout in the days ahead.
