Why Is The Crypto Market Up Today?

The crypto market rose about 0.84% on Monday as a wave of short liquidations sparked a rebound off last week’s cycle lows.

Total crypto market cap recovered toward $2.15 trillion after basing near $2.02 trillion. Bitcoin (BTC) climbed to around $63,100 after bottoming at $59,014, while Zcash (ZEC) was one of the top 100 leaders with a 12.5% surge off its crash lows.

In the news today:-

• South Korea’s KOSPI crashed more than 8% Monday, tripping a circuit breaker, as Samsung and SK Hynix fell about 10% and the US chip selloff spread across Asia.
• DWF Labs co-founder Andrei Grachev warned that forced selling by MicroStrategy and BitMine could trigger crypto’s largest crash, urging investors to weigh a slide toward $10,000 to $20,000.
• President Trump said the US and Iran are close to a deal even as a third wave of Iranian ballistic missiles flew toward Israel, keeping oil and risk sentiment on edge.

Crypto Market Recovers After a Brutal Week

The total crypto market cap climbed about 0.84% since June 7’s close to near $2.15 trillion. On June 7, it printed a rare green candle after red closes ran from May 31. The rebound traces to a short squeeze. Roughly $522 million in short liquidations over 24 hours forced bearish traders to buy back positions into a thinning market.

Crypto Liquidations: CoinGlass

Hopes of a US-Iran deal added a risk-on nudge, though active missile fire keeps that catalyst fragile.

BREAKING: President Trump says the US and Iran are "close to a deal" as a third wave Iranian ballistic missiles is fired toward Israel, per Fox News.

— The Kobeissi Letter (@KobeissiLetter) June 7, 2026

The bounce that began June 6 may mark a near-term bottom near $2.02 trillion, the level that capped the downside. That figure stays the critical drop zone. A break below it risks another wave of excessive long liquidations like those that hit repeatedly last week.

TOTAL Crypto Market Cap Analysis: TradingView

If TOTAL reclaims $2.19 trillion on a daily close, the move can extend to $2.29 trillion and then $2.37 trillion. If $2.02 trillion breaks, the rebound fails.

Bitcoin Price Rebounds From a Deeper Cycle Bottom

Bitcoin trades near $63,100 after bottoming at $59,014, a deeper low than the roughly $60,000 floor from early February. The same short-liquidation squeeze that lifted the broader market drove BTC’s bounce, as cleared short leverage released pressure and let price recover off the lows.

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The rebound, however, looks mechanical rather than demand-led. Buying volume stays weak next to the May 14 push, and sellers have already begun to reappear as new whales realize losses.

New whales have realized $1.77B in losses in the last 7 days. 👀 pic.twitter.com/fMhLZBuVdY

— Maartunn (@JA_Maartun) June 8, 2026

That leaves the recovery without firm conviction behind it.

A daily close above $64,283 would confirm strength and require a gain of about 2%. If that level holds as resistance, $58,666 becomes the key support.

Bitcoin Price Analysis: TradingView

A break there exposes $55,192, then $52,384, with $49,576 the deeper line to watch.

Zcash Price Surges 12.5% as Buyers Reclaim Lost Ground

Zcash currently sits near $427. It is up about 12.5% as it erases part of a crash that dropped it toward $250 on Coinbase. While the broader rebound lifted the top 100, ZEC’s bounce carried extra force. The June 7 recovery printed its largest buy candle since early February.

The move pushed price back above the 200-day exponential moving average (EMA). The EMA is a trend gauge that smooths price over time. And ZEC now tests the 100-day line. A reclaim there keeps the recovery alive, since clearing the 20-day EMA late in April produced a move worth roughly 106%.

Zcash Price Analysis: TradingView

A risk still builds, as the 20-day EMA nears a bearish crossover below the 50-day. Clearing $469 and then $521 separates a push toward $594 and $688 from a renewed slide if that crossover confirms.