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Key Takeaways:
- Crypto market capitalization surged 4.4% to $3.26 trillion on June 24 after Israel-Iran ceasefire news eased geopolitical tensions.
- Over $471 million in liquidations, including $358 million in short positions, fueled today’s rally.
- The total market cap is forming a bullish flag pattern, suggesting further gains if key resistance levels are broken.
The cryptocurrency market is experiencing a strong recovery today, June 24, with the total market capitalization climbing 4.4% to $3.26 trillion. Spurred by easing geopolitical tensions and massive short liquidations, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other major cryptocurrencies are posting significant gains.
Bitcoin Price Leads Market Recovery on Ceasefire News
Crypto prices started surging late on June 23 following U.S. President Donald Trump’s announcement of a “total ceasefire” between Israel and Iran. The agreement, expected to end a 12-day conflict that had shaken global markets, reduced fears of oil supply disruptions and restored investor confidence.
Bitcoin rose sharply to touch $106,000, while Ethereum climbed above $2,400. Other altcoins also benefited: XRP is up 7.2% to $2.18, Solana surged 8% to $144.54, and Dogecoin gained 8.1% to $0.1636. Renewed risk-on sentiment is now driving fresh capital into the crypto sector.
Massive Short Liquidations Trigger Short Squeeze
Adding fuel to the rally, more than $471 million in crypto positions were liquidated in the past 24 hours, with $358 million of that coming from short positions. Bitcoin short liquidations alone totaled $121 million.
The single largest liquidation occurred on Binance, where an ETH/USDT position worth $12.14 million was wiped out. This event mirrors prior liquidation-driven rallies in May, when similar squeezes boosted the market cap by $230 billion.
Total Crypto Market Cap Forms Bullish Chart Pattern
Technical indicators suggest further upside potential. The total crypto market cap (TOTAL) is displaying a bull flag pattern on daily charts, signaling a bullish continuation. Currently at $3.26 trillion, the market is testing resistance at $3.28 trillion, aligning with the 50-day simple moving average.
Also Read: Crypto Market Tanks as U.S.-Iran Tensions Spark $636M Liquidations
If the market breaks above this level with strong volume, it could trigger a move toward the bull flag target of $4.76 trillion—a potential 48% gain. The rising Relative Strength Index (RSI), now at 50, reflects growing bullish momentum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
