Bitcoin, Ethereum, Dogecoin Inch Higher As Investors Hope 'Trump-Brokered' Iran-Israel Ceasefire Holds: Analyst Says BTC Needs A Daily Close Over $108,403 For Upside To Continue

Leading cryptocurrencies moved further up on Tuesday as investors hoped the ceasefire between Iran and Israel would hold and help calm geopolitical tensions

What Happened: Bitcoin hit the upper reaches of $106,000 overnight but was still 4.75% away from its all-time highs. Ethereum reentered the $2,400 region and consolidated.

Bitcoin's dominance increased to 64.5%, while Ethereum's market share eased by around 9%.

Short position traders continued to get liquidated, with more than $115 million in downside bets evaporating in the last 24 hours.

Bitcoin’s open interest climbed 2.12% to over $70 billion, marking a significant improvement from the weekend dip. Interestingly, over 60% of Binance traders with open BTC positions were short as of this writing.

The market sentiment remained in "Greed," according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.28 trillion, following an increase of 1.13% in the last 24 hours.

Stocks staged a sharp rally on Tuesday. The Dow Jones Industrial Average rose 507.24 points, or 1.19%, to end at 43,089.02. The S&P 500 gained 1.11% to close at 6,092.18, while the tech-focused Nasdaq Composite spiked 1.43% to end at 19,912.53.

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Investors factored in President Donald Trump’s assurance that a ceasefire between Iran and Israel is in effect, even as reports of renewed hostilities raised doubts about its durability. 

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency trader bwatts identified a bull flag setup for Bitcoin, potentially leading to upward price continuation.

"Remains bullish as long as weekly candles are closing over $97,938. Needs a daily close over $108,403 for upside continuation," the trader projected.

Meanwhile, a smart trader doubled down on their Ethereum bearish bet, adding another 10,000 ETH to the short position.

The trader held 50,000 ETH short as of this writing, with unrealized profits down to $13.9 million

Photo Courtesy: sundaemorning on Shutterstock.com

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