Bitcoin, Ethereum, XRP, Dogecoin Spring Back Even As Iran And Israel Exchange Strikes: Analyst Sees Increasing Possibility Of BTC Bottom

June 7, 2026

Aniket Verma

4 min read

Leading cryptocurrencies rallied Sunday evening, even as rising tensions in the Middle East fueled doubts about sustained market momentum.

Cryptocurrency	24-Hour Gains +/-	Price (Recorded at 9:20 p.m. EDT)
Bitcoin (CRYPTO: BTC)	+2.30%	$63,078.37
Ethereum (CRYPTO: ETH)	+5.50%	$1,681.11
XRP (CRYPTO: XRP)	+3.85%	$1.15
Solana (CRYPTO: SOL)	+3.96%	$65.92
Dogecoin (CRYPTO: DOGE)	+2.55%	$0.08533

Crypto Market Rebounds

Bitcoin exceeded $64,000 late evening, fueled by a 15% jump in trading volume, as the apex cryptocurrency recovered part of its losses from a tough week. Ethereum also topped $1,700, while XRP and Dogecoin recorded sharp recoveries.

Over $660 million was erased from the market in the last 24 hours, according to Coinglass data, predominantly in short liquidations.

Bitcoin’s open interest fell 0.61% in the last 24 hours. Typically, when OI falls while the price increases, it typically indicates short covering, meaning that traders who had previously bet on the price falling are buying back their positions.

“Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

Cryptocurrency (Market Cap>$100 M)	Gains +/-	Price (Recorded at 9:20 p.m. EDT)
Audiera (BEAT)	+64.34%	$3.71
Siren (SIREN)	+46.34%	$1.28
Velvet (VELVET)	+37.03%	$0.2574

The global cryptocurrency market capitalization stood at $2.23 trillion, following a decline of 3.53% over the last 24 hours.

Iran, Israel Exchange Strikes

Stock futures traded mixed overnight on Sunday. The Dow Jones Industrial Average Futures fell 112 points, or 0.21%, as of 8:42 p.m. EDT. Futures tied to the S&P 500, meanwhile, rallied 0.24%, while Nasdaq 100 Futures rose 0.84%.

Geopolitical tensions escalated after Iran launched ballistic missiles against Israel for the first time since the April ceasefire, Iranian state media reported. Tehran tied the strikes to Israel’s operation in Lebanon.

The strikes came days after Israel and Lebanon agreed to a ceasefire in a joint statement.

🚨BREAKING
Iranian Armed Forces:
In response to the crimes of the Zionist regime and the displacement of the people of #Tyre, #Nabatiyeh, and #Dahiyeh, the Ramat David Air Base was targeted by ballistic missiles from the Aerospace Force.

— IRIB (Islamic Republic of Iran Broadcasting) (@iribnews_irib) June 7, 2026

In response, the Israeli military said it struck “military targets” in western and central Iran.

The Israeli Air Force struck military targets belonging to the Iranian terror regime in western and central Iran a short while ago.

— Israel Defense Forces (@IDF) June 8, 2026

Selling Pressure Beginning To Fade?

Widely followed cryptocurrency analyst and trader Ali Martinez noted that Bitcoin’s supply held at a loss has hit 10.46 million BTC, higher than levels that have historically marked “major bottoms.”

“I believe this is an important signal because selling pressure often begins to fade as fewer investors are willing to realize losses, increasing the probability of a market bottom forming,” Martinez projected.

Historically, Bitcoin has tended to form major bottoms when more than 10 million coins are held at a loss.

That threshold has now been reached, with 10.46 million $BTC currently underwater.

I believe this is an important signal because selling pressure often begins to fade as… https://t.co/DrCgCzTDqF pic.twitter.com/x4VDZx2DFd

— Ali Charts (@alicharts) June 7, 2026

Rekt Capital, another well-known cryptocurrency researcher, highlighted that Bitcoin fell 4.5% below the 200-week simple moving average, currently at around $60,680

“Historically, Bitcoin has deviated anything between -14% to -31% below the 200-week SMA to find its absolute Bear Market Bottom,” the analyst added.

Ethereum $ETH has hit my target at $1,825. ✔️

The price has pulled back to the bottom of its channel. This is a critical floor that will likely decide the next big move.

• If $1,825 holds, expect a solid bounce back up toward $2,070 or even $2,360.
• If we close below $1,825,… https://t.co/q7bTVdmgTw pic.twitter.com/7cn1NbbOL6

— Ali Charts (@alicharts) June 3, 2026

Photo: Sodel Vladyslav / Shutterstock

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This article Bitcoin, Ethereum, XRP, Dogecoin Spring Back Even As Iran And Israel Exchange Strikes: Analyst Sees Increasing Possibility Of BTC Bottom originally appeared on Benzinga.com

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