Bitcoin surged above $66,000 today as the cryptocurrency market gained momentum amid report of a possible ceasefire between the United States and Iran. The total market capitalization of cryptocurrency expanded to $2.25 trillion.
The overall market value increased 2.7% in 24 hours, marking its highest level in more than a month. Traders are now watching the previous local high of $2.27 trillion. A break above that level could open the way toward May’s market peak of $2.70 trillion.
Among major altcoins, Cardano gained 9%, while Uniswap and Polkadot rose 8.7% and 6.9%, respectively.
Meanwhile, Bitcoin advanced 3% and approached levels last seen in early May. The cryptocurrency is currently testing $66,000, which previously provided support before becoming resistance during last month’s decline.
Additionally, the $68,000 level represents the 61.8% Fibonacci retracement of Bitcoin’s decline from May to June.
Whale accumulation supports market outlook
On-chain data suggests large investors continue accumulating Bitcoin during the ongoing consolidation period.
According to CryptoQuant data, whale wallets have consistently increased their spot positions. However, mid-sized wallets have reduced holdings during price increases. This divergence could support Bitcoin’s medium-term performance if whale accumulation continues.
Nevertheless, declining stablecoin reserves may limit immediate buying pressure. Analysis by Darkfost showed that stablecoin balances on Binance and Bybit fell by $2.3 billion last month.
Meanwhile, FTX creditor distributions could influence market liquidity. The bankrupt exchange plans to begin another distribution round on July 31.
The process could return around $900 million to users, with some funds potentially flowing back into cryptocurrency markets.
