Bitcoin climbed above the $106,000 mark on Wednesday, buoyed by easing geopolitical tensions, institutional interest, and sustained whale activity.

As of 11:17 am IST, the world’s largest cryptocurrency was up 1% at $106,345, while Ethereum rose 0.6% to $2,435. The overall crypto market gained 0.6%, reaching a market capitalisation of $3.27 trillion, according to CoinMarketCap.

Among major altcoins, BNB, Solana, Tron, and Chainlink posted gains of up to 1%. However, others like XRP, Cardano, Sui, Stellar, Avalanche, Toncoin, and Shiba Inu fell as much as 3%, indicating selective investor optimism across the broader market.

Shivam Thakral, CEO of BuyUcoin, attributed Bitcoin’s recent rally to improved geopolitical conditions. “Bitcoin has seen a sharp rally following the announcement of a ceasefire between Iran and Israel, recovering from a recent dip amid heightened geopolitical tensions,” he said. “The crypto is stabilising between $104,800 and $106,700.”He also noted the influence of U.S. Federal Reserve policy. “The Fed chief has reiterated a commitment to tackle inflation and is not in a hurry to cut interest rates, which could affect liquidity in the short to mid-term,” Thakral added.

Riya Sehgal, Research Analyst at Delta Exchange, said Bitcoin is consolidating near $106,000 after breaking out of a mid-term descending structure. “A move above $107,500 could push it toward $110,000–112,000. If $106,000 fails, key supports lie at $105,500 and $104,000,” she said, adding that current price action reflects a trend of higher highs and higher lows with whales accumulating and long-term holders staying firm.

On Ethereum, Sehgal said, “It has recovered from $2,160 and is now near $2,440. A breakout above $2,520 could target $2,650–2,800, while support lies at $2,320–2,360.” She also highlighted ETF inflows on 24/06, where $588.6 million worth of Bitcoin and $71.3 million in Ethereum were bought, suggesting continued institutional appetite.

Edul Patel, Co-founder and CEO of Mudrex, said Bitcoin is extending its upward momentum as bulls regain control. “On-chain data shows a spike in Taker Buy volume, indicating strong conviction from aggressive buyers,” he said. “Dovish Fed commentary on recession and rate cuts has also lifted sentiment.”

Patel sees the $104,400 level as strong support, with a possible breakout above $108,000 if buying continues.

Himanshu Maradiya, Founder and Chairman of CIFDAQ, said that while Bitcoin and Ethereum have bounced back, the more significant action is happening in stablecoins. “Circle’s market cap briefly surpassed Coinbase’s, and Tether—fresh off $13.7 billion in profits—is building a U.S.-native stablecoin while complying with the GENIUS Act,” he said.

“Tether now holds over 100,000 BTC and is positioning itself as a global mining force. This signals a maturing digital economy where infrastructure—not just prices—will define long-term value,” Maradiya added.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)