Bitcoin has made a strong comeback, rising to $106,000 on June 23, 2025. Just a day before, the price had dropped below $98,500. The recovery was fast and sharp, driven by fresh news from global and financial events. Traders and investors reacted to a new ceasefire deal between Iran and Israel. This deal lowered fear in the market. At the same time, oil prices dropped, which helped ease worries about inflation. These two events gave a strong push to Bitcoin and other crypto assets.
What Helped Bitcoin Rise?
The biggest reason behind the Bitcoin pump is the ceasefire between Iran and Israel. Former U.S. President Donald Trump announced that both sides had agreed to a “complete ceasefire.” This news lowered global tension and gave investors a sense of relief. As a result, risky assets like Bitcoin gained support. The second major reason is falling oil prices. Oil dropped to about $72 per barrel, down from $82 just a week before. This drop reduced fears of rising costs. Traders now believe the U.S. Federal Reserve may cut interest rates soon. This belief added fuel to Bitcoin’s rise.
Bitcoin Trading Data
Bitcoin rose over 5%, going from $98,500 to $106,000 in one day. This big jump caused $193 million in long trades to close. These were bets that the price would go up. But because the price moved fast, traders were forced to exit early. Even after this, futures trading stayed strong. The open interest stayed near $68 billion. This shows big traders are still active in the market.
At the same time, Bitcoin’s mining power dropped by 8%. It went from 943.6 million TH/s to 865.1 million TH/s. Experts say the price drop may be for power cuts. It may also be from changes in energy use in the U.S. Some people think it is because of Middle East problems. But small mining drops are normal. They do not always mean something is wrong.
Wider Crypto Market Also Surged
Bitcoin was not the only one that went up. Other coins rose too. Ethereum went up over 7%. It reached around $2,450. Solana, XRP, and Dogecoin rose by 5–8%. The total crypto market value became $3.38 trillion. It was $3.22 trillion the day before. It means the whole market is going up. Traders feel more confident after the peace news and discuss lower rates.
Experts have given different views. Nigel Green said that the peace may not last. If a fight starts again, people will worry again. Ryan Sweet said people may still spend less money. This could slow the economy. Edul Patel said traders are now taking more risks. He said Bitcoin moved above $105K fast. This shows that buyers are strong.
Key Things to Watch Next
Bitcoin is now testing a strong resistance near $106K–$107K. If it breaks and holds this level, it could move toward $110K. But if the price falls again below $100,000, it might trigger selling. The U.S. Federal Reserve will also give more clues this week. Chair Jerome Powell will speak at Congress. His words will be watched closely. If rate cuts seem likely in July, Bitcoin may continue to rise. As of now, the market is pricing a 23% chance of a July rate cut.
Bitcoin’s sharp pump to $106K came after good news from both politics and the economy. The Iran-Israel ceasefire reduced fear, while oil prices helped rate-cut hopes. These events lifted crypto prices across the board. While the mining hashrate fell, trading volume stayed strong. Now, all eyes are on the U.S. Fed. If rate cuts happen and peace holds, Bitcoin may aim higher. But traders must also stay alert. A sudden change could shake the market again.