BTC climbs past $107K as bulls regain control, Pi and SYRUP lead gains
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Bitcoin pressed higher on Wednesday, carrying forward its relief rally as tempers cooled across the Middle East.
The broader market moved in step, adding nearly 2% over the past 24 hours to lift the total crypto market cap to $3.343 trillion.
With risk appetite reignited, the Fear and Greed Index ticked up to 66, marking a return to greed as investors leaned back into momentum.
Although the altcoin market joined the rebound, meaningful gains were confined to a select few among the top 100 tokens.
Why is Bitcoin going up?
Bitcoin’s surge appears tied to a mix of geopolitical calm, renewed risk appetite, and bullish technical momentum.
Over the past 24 hours, the asset climbed 2.8% and briefly touched $108,000, marking a $10,000 recovery from its recent local lows just three days ago.
The move liquidated over $210 million in long and short positions, as per CoinGlass, with high-leverage traders caught off guard by the sharp breakout.
Fueling the rally were remarks from US President Donald Trump, who said the war between Iran and Israel is “over,” adding that Iran holds “a huge advantage” and is unlikely to escalate nuclear ambitions.
Trump also hinted at diplomatic overtures, stating he would meet with Iranian leadership next week to potentially sign a non-nuclear agreement.
These comments appeared to ease global tension and reinforced market-wide relief, pushing investors further into risk-on territory.
Analysts had previously flagged $108,000 and $103,000 as liquidity-heavy zones, and the latest breakout is seen as a strategic sweep of those levels.
CoinGlass data confirmed that much of the high-leverage liquidity has already been absorbed, leaving traders eyeing fresh upside targets.
Momentum also drew strength from technical setups.
Popular trader Titan of Crypto pointed to a breakout above the Kumo Cloud on the Ichimoku chart, an indicator often used to gauge trend reversals.
BTC/USDT 1-day price chart. Source: Titan of Crypto.
“If it clears the Fair Value Gap (FVG), the next stop could be $111K,” the trader noted.
Some, however, were concerned about possible low-timeframe rejection zones but agreed that any pullback would likely be short-lived unless buyer exhaustion sets in.
With key resistances getting tested and macro headwinds fading, market participants are increasingly positioning for a broader move.
Liquidity heatmaps from Binance’s BTC/USDT pair show a dense cluster of liquidations and stop orders just above the $108,000 level, with additional stacked liquidity extending toward $111,000.
This layered liquidity zone suggests that a successful breach above current highs could trigger a cascade of stop-outs and short squeezes, potentially accelerating Bitcoin’s next leg upward.
Meanwhile, resistance below $106,000 appears to be thinning, which means any short-term pullback may find support quickly, adding further conviction to the bullish bias in the current setup.
For many analysts, Bitcoin now appears poised to test the final stretch toward its all-time highs, with eyes locked on the $110,000 zone and talk of price discovery beginning to resurface. (See below.)
Some analysts, however, urged caution as Friday’s release of the Fed’s preferred inflation gauge, the Core PCE Price Index for May, draws near, with volatility expected around the event.
Due at 8:30 am ET the data is expected to prove pivotal for interest rate expectations.
With rate cut hopes simmering, any unexpected print may jolt market momentum and reshape the short-term outlook.
At the time of writing, Bitcoin was trading at $107,086, up 1.4% in the past 24 hours.
Altcoin market
Over the past 24 hours, the altcoin market cap rose 2.3% to $1.31 trillion, with the Altcoin Season Index reading moving to 16, which means the majority of the top 100 altcoins continue to perform lower in comparison to Bitcoin.
Ethereum (ETH), the largest altcoin by market cap, was down 1%, trading at $2,418, while other large-cap altcoins such as Tron (TRX), Cardano (ADA), and Hyperliquid (HYPE) also recorded losses of 1-2%.
Pi (PI) clocked the highest gains among the top 99 altcoins, up 21.3% over the day, while Maple Finance (SYRUP) and DeXe (DEXE) followed with gains of 21% and 7.9% respectively.
Source: CoinMarketCap
Maple Finance surged to a new all-time high of $0.65 on the back of rising investor conviction, as evidenced by a sharp increase in its holder retention rate.
Data from Coinglass shows the metric has climbed to 67.5%, up from 54.86% at the start of the month, indicating that a larger share of addresses prefer holding the token.
Concurrently, Maple’s Total Value Locked has reached a record $1.58 billion, according to DeFiLlama, indicating growing demand for its on-chain lending services.
Pi token rallied after Pi Network’s core team teased upcoming generative AI features, set to be unveiled during the Pi2Day event on June 28.
DeXe’s gains came without a clear catalyst, likely driven by dip buyers defending the $8 support level as the broader crypto market recovered.
The post BTC climbs past $107K as bulls regain control, Pi and SYRUP lead gains appeared first on Invezz
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