Major cryptocurrencies surged Sunday as market sentiment turned bullish following supportive comments from former U.S. President Donald Trump, who praised Bitcoin’s growing adoption as a “great thing” for the United States. The rally signaled potential weakening of sell-side pressure on Bitcoin, with analysts pointing to technical strength and increasing institutional interest as key drivers.
At the time of reporting (9:30 p.m. ET), Bitcoin (BTC) was trading at $108,713.46**, up **1.18%** over the past 24 hours. Ethereum (ETH) climbed **3.07%** to **$2,511.22, while Dogecoin (DOGE) rose 3.03% to $0.1688. Trading volume for Bitcoin jumped over 25%, reinforcing momentum and pushing its market dominance to 64.6%—a sign of renewed investor confidence in the flagship cryptocurrency.
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Market Momentum Builds Amid Political Endorsement
Trump's endorsement of Bitcoin added fuel to the rally. In recent remarks at the White House, he stated that the widespread adoption of Bitcoin could help ease pressure on the U.S. dollar, calling it a positive development for American financial sovereignty. While not advocating for policy changes, his comments were interpreted as a signal of growing political acceptance of digital assets.
This kind of high-profile support has historically correlated with increased retail and institutional participation. Analysts suggest that such narratives may be contributing to reduced fear and heightened risk appetite across the crypto markets.
Ethereum followed suit, reaching an intraday high of $2,523.32, reflecting strong buying interest in smart contract platforms. Meanwhile, meme coin Dogecoin maintained momentum, outperforming many mid-cap altcoins despite its speculative nature.
The broader market reaction was swift: nearly $200 million** in liquidations occurred over the past 24 hours, with **$164 million coming from short positions being wiped out—particularly on Bitcoin and Ethereum. This suggests that bearish bets are being aggressively challenged by bullish momentum.
Technical Indicators Suggest Bullish Breakout Potential
Despite appearing range-bound to casual observers, deeper technical analysis reveals underlying strength in Bitcoin’s price structure.
Renowned on-chain analyst Rekt Capital noted that Bitcoin is approaching a critical weekly resistance level. A breakout above this zone could unlock a new wave of all-time highs.
“Bitcoin is once again approaching the final major Weekly resistance that, once broken, would unlock new All Time Highs (red) $BTC,” Rekt Capital tweeted on June 29, 2025.
Another prominent chartist, Autumn Riley, emphasized the bullish formation developing within Bitcoin’s current consolidation range. She highlighted that while price action appears sideways, the pattern of higher lows on shorter timeframes indicates diminishing selling pressure.
“Most people are seeing $BTC just going sideways, but there's actually a lot happening inside this range. If you look at the 15-minute chart, the structure is bullish. Every time price sweeps a high, it reacts down but keeps making higher lows. The pressure from sellers is fading,” Riley explained.
This structural buildup often precedes explosive moves, especially when combined with rising open interest and volume—both of which were observed. Bitcoin’s open interest increased by 3.82% in 24 hours, signaling growing commitment from traders despite elevated prices.
Interestingly, data from Binance showed that many top trader accounts remained net short on BTC at the time of writing—an unusual setup that could amplify upward movement if shorts are forced to cover during a breakout.
Altcoin Gains Reflect Renewed Risk Appetite
While Bitcoin and Ethereum led the charge, several altcoins posted impressive gains, reflecting broad-based market optimism.
Top 24-hour performers included:
- Arbitrum (ARB): +17.14% to $80.36
- Pyth Network (PYTH): +11.69% to $0.1105
- Immutable (IMX): +8.19% to $0.4675
These projects—primarily rooted in Layer-2 scaling solutions and decentralized oracle networks—are benefiting from increased activity in decentralized finance (DeFi) and Web3 ecosystems. Their outperformance suggests investors are rotating into high-potential infrastructure plays amid improving macro conditions.
The total global cryptocurrency market capitalization reached $3.3 trillion, up 0.15% in 24 hours—a modest increase but one that masks significant internal repositioning toward quality assets.
Broader Financial Markets Align With Crypto Optimism
The crypto rally coincided with strength in traditional financial markets. U.S. stock futures climbed overnight Sunday:
- Dow Jones Industrial Average Futures: +215 points (+0.49%)
- S&P 500 Futures: +0.25%
- Nasdaq 100 Futures: +0.35%
On Friday, both the S&P 500 and Nasdaq Composite hit record highs, driven by strong tech earnings and easing inflation concerns. This macro backdrop has created fertile ground for risk assets like cryptocurrencies to thrive.
Additionally, Trump signaled flexibility regarding the July deadline for reinstating tariffs on various countries, stating, “We can do whatever we want.” While not directly related to crypto, such comments contributed to a more favorable risk-on environment across global markets.
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Frequently Asked Questions (FAQ)
Why did Bitcoin rise despite no major technical updates?
Bitcoin’s price movement is often influenced by macro sentiment, regulatory signals, and high-profile endorsements. Trump’s positive remarks boosted market confidence, while technical indicators like rising volume and open interest confirmed organic demand.
Is Bitcoin’s consolidation phase ending?
Many analysts believe so. The pattern of higher lows and decreasing sell pressure suggests accumulation is underway. A breakout above $110,000 could confirm the start of a new upward leg.
What does increased liquidation mean for retail investors?
High liquidation volumes—especially from short positions—often precede sustained rallies. For retail traders, this means volatility may increase temporarily, creating both risk and opportunity.
Why are altcoins like Arbitrum and Pyth surging?
Projects with real-world utility in DeFi, gaming, and data infrastructure are regaining favor as ecosystem activity grows. These tokens benefit from network effects and developer momentum.
How reliable are analyst predictions like Rekt Capital’s?
While no forecast is guaranteed, analysts like Rekt Capital and Autumn Riley use historical price patterns, on-chain metrics, and volume profiling—tools trusted by professional traders. Their insights should be considered part of a broader research strategy.
Could political support impact crypto regulation?
Yes. Public endorsements from influential figures can shape regulatory discourse. Positive rhetoric may encourage lawmakers to pursue innovation-friendly frameworks rather than restrictive policies.
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Conclusion: A Shift in Market Psychology
The recent surge in Bitcoin, Ethereum, and select altcoins reflects more than just price action—it signals a shift in market psychology. From political validation to technical strengthening and reduced selling pressure, multiple forces are aligning to support higher valuations.
As Q3 unfolds, all eyes will be on whether Bitcoin can break through key resistance levels and trigger a broader bull run. With institutional inflows growing and macro tailwinds emerging, the foundation appears set for another transformative phase in the crypto cycle.
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