Bitcoin Tops $106,000; Ethereum, Dogecoin Surge As Trump Announces Iran-Israel Ceasefire — Analyst Sees 23.6% BTC Spike If This Happens

Leading cryptocurrencies rallied Monday after President Donald Trump said Israel and Iran have agreed to a ceasefire to halt ongoing hostilities.

What Happened: Bitcoin topped $106,000 in the evening before easing to around $105,000, marking a sharp recovery from the dip below $100,000 during the weekend.

Ethereum recorded a steeper rise, sailing above $2,400 following the drop to $2,100.

The rally came after Trump announced on Truth Social that Israel and Iran have agreed to a “complete and total ceasefire.” The cessation of hostilities would unfold in a phased manner, he added.

The spike hit bearish traders as over $365 million in short positions were wiped out from the cryptocurrency market in the last 24 hours. A further $280 million risked liquidation if Bitcoin reclaimed $110,000.

Bitcoin’s open interest rose 2.52%, while the funds locked in Ethereum's derivatives contracts surged nearly 8% in the last 24 hours.

The market sentiment flipped back to "Greed," according to the Crypto Fear & Greed Index. Indicating a resurgence in buying pressure.

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The global cryptocurrency market capitalization stood at $3.25 trillion, following a jump of 5.15% in the last 24 hours.

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Stock futures climbed on this development. The Dow Jones Industrial Average Futures rose 182 points, or 0.42%, as of 8:42 p.m. EDT.  Futures tied to the S&P 500 gained 0.48%, while Nasdaq 100 Futures jumped 0.67%.

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Analyst Notes: Widely followed cryptocurrency analyst Michaël van de Poppe said Bitcoin's dip below $100,000 is likely "the bottom of this correction."

"Massive move upwards, through which Bitcoin breaks through crucial resistance zones. I think we’ll continue to make higher lows & attack a new all-time high for Bitcoin in July," Van de Poppe projected.

EliteOptionsTrader, a well-known options trader on X, said the latest price action could be the "spark" that ignites BTC's next leg higher.

"A clean hold above $109,000 opens the door for a swift push toward $130,000," the analyst stated. "A move like that would be a broader signal of risk-on appetite returning to markets."

Photo: Antonio Gravante On Shutterstock.com

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