Why Is The Crypto Market Up Today?

What Happened

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.

Market Context

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.

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.

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.

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.

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.

Zcash Price Surges 12.5% as Buyers Reclaim Lost Ground

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%.

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Why It Matters

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.

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

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.

Details

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.

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.

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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.

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

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.