Bitcoin surged back above $105,000 following a dramatic announcement by President Donald Trump confirming a complete ceasefire between Israel and Iran.
Trump declared the 12-day war “officially ended” following a 24-hour dual-stage ceasefire to be initiated first by Iran, then by Israel.
The Market Impact of Iran-Israel Ceasefire
Crypto markets reacted swiftly. Over the weekend, Bitcoin dipped below $100,000 hours earlier amid news of a potential Strait of Hormuz shutdown. Today, BTC rebounded by over 5% on the announcement.
Ethereum also rallied, climbing back above $2,400, while risk sentiment improved across broader digital asset markets.
Crypto Market Rallies After Ceasefire Announcement. Source: BeInCrypto
The ceasefire removed immediate fears of further military escalation and global oil disruption. Also, the de-escalation was widely anticipated, as oil prices began to drop earlier despite Iran targeting US bases in Qatar.
Earlier in the day, Iran’s parliament approved a proposal to shut the Strait of Hormuz, which handles 25% of global oil shipments.
Had that closure gone into effect, it would have sharply driven up oil prices, potentially reigniting inflation and delaying central bank rate cuts.
Instead, the ceasefire has reduced energy market pressure and restored some degree of geopolitical stability, prompting capital to flow back into risk assets.
Trump Ceasefire Announcement in Iran-Israel War. Source: Truth Social
Markets will closely watch whether both sides adhere to the 24-hour ceasefire protocol and if the Strait of Hormuz remains open.
If the truce holds, macroeconomic stability may return quickly, boosting both equities and crypto. However, any breaches or renewed tension could send Bitcoin back into risk-off territory.
A graphical error on TradingView caused Bitcoin to temporarily wick to zero on MEXC. This caused a social media uproar, but the glitch was not visible on MEXC’s own platform.
Nonetheless, MEXC’s trading volume spiked over 51% in the last 24 hours. Unverified rumors can take off like wildfire if not addressed, potentially leading to token dumps and market chaos.
This immediately caused a social media uproar, as such an error in Bitcoin’s price would severely impact MEXC users. If BTC went from over $100,000 to $0, this would immediately liquidate all users’ long positions. Such a scandal might be worse than Hyperliquid’s JELLYJELLY incident, as this would be caused by a site error instead of trader activity.
However, MEXC’s team went on social media to address the alleged Bitcoin wick, claiming that it only happened on TradingView’s own site:
“We have recently become aware of some posts circulating on certain accounts claiming that MEXC’s BTC candle wick dropped to 0. We would like to clarify that this was simply a display error on the TradingView platform on June 5, and there was no such issue on MEXC’s official website, where everything has been functioning normally,” developers stated.
The MEXC team went on to claim that it was collaborating with TradingView to diagnose the Bitcoin display error and prevent it from happening again. It also urged the community to independently verify social media rumors and contact customer support in the event of a problem. Still, this announcement happened hours after the glitch.
MEXC’s trading volume spiked over 51% in the last 24 hours, mostly occurring after the Bitcoin display error. However, at the moment, it’s unclear if this heightened volume was due to users dumping assets, but such a thing is possible.
All that is to say, this demonstrates the importance of verifying information and fighting false rumors. MEXC didn’t have anything to do with the Bitcoin display error, but it still faced accusations of being a fraudulent business. The crypto sector is fast-paced and trades on community sentiment, after all. It needs strong guardrails to prevent accidents from blowing up.
BeInCrypto has reached out to MEXC, but we are yet to hear back.
Altcoins continue to shine not just on the top blockchains in the crypto space but even on the ones that are less well-known. One such is the Kaia network, which was noted to have a massive surge in users in April.
According to the data on Dune, the total monthly active users peaked at 22.63 million in April, with the addition of 8 million users. BeInCrypto has analyzed three of the top-performing altcoins on the Kaia Network for investors to watch heading into May.
Superwalk (GRND)
Launch Date – September 2022
Total Circulating Supply – 625.92 Million GRND
Maximum Supply – 1 Billion GRND
Fully Diluted Valuation (FDV) – $57.07 Million
GRND has risen by nearly 31% this month, but it is still short of recovering the losses from the end of March. The altcoin is currently trading above the critical support level of $0.0568, showing positive momentum. If GRND can maintain its position above this support, it could see further gains in the coming days.
Securing the $0.0568 support level is vital for GRND to continue its upward trajectory. The altcoin is aiming to breach the next resistance at $0.0627, which would help recover recent losses. Successfully surpassing this level would place GRND on track to reach $0.0696, a key target for future growth.
However, if GRND fails to hold above the $0.0568 support level, the bullish outlook could be at risk. A drop below this level would likely lead to a decline toward $0.0494, wiping out a significant portion of the recent gains. This would invalidate the current bullish thesis and signal a potential shift in market sentiment.
Kleva (KLEVA)
Launch Date – December 2022
Total Circulating Supply – 68.91 Million KLEVA
Maximum Supply – 95.34 Million KLEVA
Fully Diluted Valuation (FDV) – $5.75 Million
KLEVA has recently experienced both impressive and disappointing price action. The altcoin surged 119% at the beginning of last week, showing strong bullish momentum. However, in the last 48 hours, it has faced a 33% decline. This volatility reflects uncertainty in market sentiment, making the future direction unclear.
The recent drop has brought KLEVA down from $0.125 to $0.083, with the altcoin currently holding above the crucial $0.081 support level. If KLEVA manages to bounce off this support, it could attempt to recover by breaching the $0.092 resistance. Successfully surpassing this level would signal a potential rally.
However, if KLEVA fails to hold the $0.081 support, the bearish outlook could intensify. A drop below this level could lead to a decline toward $0.063, erasing much of the recent gains. This would invalidate the bullish thesis and raise concerns about a possible extended downtrend.
Marblex (MBX)
Launch Date – May 2022
Total Circulating Supply – 207.53 Million MBX
Maximum Supply – 1 Billion MBX
Fully Diluted Valuation (FDV) – $62.75 Million
Another one of the altcoins to watch, MBX, has experienced a 15% rise over the past 10 days, quickly recovering the losses from the end of March. As MBX nears $0.20, it will likely maintain its upward momentum. This improvement signals that MBX could continue its uptrend, potentially heading toward new resistance levels in the near future.
Currently holding above the crucial support level of $0.189, MBX is positioning itself to rally toward the next major resistance at $0.21. Surpassing this resistance would allow MBX to recover losses from the end of March, reinforcing the current bullish sentiment and attracting further investor interest.
However, the bullish outlook could be invalidated if MBX fails to hold above the $0.189 support. A fall below this level could lead to a decline, with potential drops to $0.177 or even $0.160. Such a move would undermine the current uptrend and signal a shift toward a bearish market sentiment for MBX.
Bitcoin (BTC) is up 9% over the past week and is currently trying to establish support above the key $88,000 level. Momentum indicators like the DMI and Ichimoku Cloud are showing clear bullish signals, with buyers firmly in control.
If this trajectory continues, BTC could soon test higher resistances near $88,000 and potentially aim for $90,000 and beyond. However, analysts warn that renewed uncertainty around Trump’s trade tariffs could disrupt the rally and trigger a pullback toward the $81,000 support zone.
Bitcoin DMI Show Buyers In Full Control
Bitcoin’s DMI chart shows a notable rise in trend strength, with the ADX climbing to 29.54 from 24.07 yesterday.
This increase suggests growing momentum behind the current move, pushing the ADX close to the 30 threshold—widely seen as confirmation of a strong, sustained trend.
A rising ADX doesn’t indicate direction on its own, but when paired with directional indicators, it helps identify the prevailing force in the market.
Looking at those directional indicators, the +DI is currently at 23.47 and has remained steady between 21 and 23 over the past two days.
Meanwhile, the -DI has dropped sharply to 9.45 from 16.65, signaling a significant decline in bearish pressure.
This widening gap between bullish and bearish momentum points to buyers taking control, and if the ADX continues to rise above 30, it could validate a new bullish phase for BTC.
BTC Ichimoku Cloud Shows A Clear Bullish Structure
Bitcoin’s Ichimoku Cloud chart continues to lean bullish, with price holding firmly above both the Tenkan-sen (blue line) and Kijun-sen (red line).
Looking ahead, the Kumo (cloud) is green and steadily rising, which reinforces a positive outlook for the coming sessions. The price is well above the cloud, indicating the trend is bullish and also firmly established.
There’s also a clear gap between the current candle and the cloud, suggesting that the market has room to retrace without shifting the overall structure.
As long as the price stays above the Kijun-sen and the cloud remains green, the bullish trend remains technically intact.
Will Bitcoin Break Above $90,000 Soon?
If Bitcoin price maintains its current momentum, it could soon challenge the resistance at $88,839, with $90,000 as a psychological milestone.
Should the uptrend remain strong, further targets lie at $92,920 and potentially $98,484, marking a continuation of the bullish structure.
However, crypto analyst and Coin Bureau founder Nic Puckrin warns that this momentum could be short-lived. He notes that renewed uncertainty around Trump’s trade tariffs might weigh on BTC:
“The caveat here is that all this positive momentum could disappear in a puff of smoke if there’s any backpedalling on tariffs or an unexpected shock announcement – which we all know is always a possibility. In fact, we continue to have constant back-and-forth on tariffs: exemptions on electronics turned out to be temporary, the details of when tariffs will come in are lacking, and so on,” Puckrin told BeInCrypto.
He also defends that the $81,000 support could be tested again:
“This, perhaps, explains why Bitcoin is, once again, in a “wait and see” pattern, with low liquidations at under $200 million pointing to uncertainty in the market. If we don’t see any external shocks, $88,000-$90,000 is the next range to watch, with liquidity pool clusters at this level suggesting we will see an uptick of volatility here. However, a short-term correction to re-test support at $81,000 would be healthy and, as long as BTC remains above this threshold, would even point to a sustainable price recovery,”
Overall, it looks like the current macroeconomic factors are priced in. Yet, the market is cautious about sudden surprises, as Trump’s recent tariffs went beyond any conventional economic trend and disrupted almost every global financial market.
