On the morning of June 24, a sudden announcement triggered a market reversal - Trump announced a 'complete and comprehensive' ceasefire agreement between Iran and Israel, leading to a violent rebound in BTC and ETH, with short sellers suffering severe losses.

1. Market Review: Ceasefire Effective, BTC and ETH Violently Rebound

From the U.S. military airstrikes on the Fordow nuclear facility and a surge in market risk aversion, to the ceasefire agreement reached early this morning, the market experienced a V-shaped reversal from 'panic sell-off' to 'confidence restoration' in just 48 hours:

Bitcoin (BTC) broke through $106,000, with a 24-hour increase of over 5%.

Ethereum (ETH) stood above $2,400 per coin, with an intraday increase of 7.7%.

Data shows that the total liquidation across the network reached $482 million in 24 hours, with short positions accounting for over 70%.

2. Market Logic: Sudden Ceasefire + Stabilization of Liquidity Expectations

This wave of market rebound is driven by three major logic points:

1. Short-term resolution of geopolitical risks: Trump's 'sudden announcement' caught the market off guard, but the clear terms of the ceasefire agreement (synchronized phased ceasefire with a maximum 12-day observation period) allowed risk-averse funds to quickly flow back.

2. Cryptographic assets remain the first choice for funds seeking 'high elasticity': Against the backdrop of the expectation that 'global conditions may still be loose', once extreme risks are excluded, the crypto market, due to its high Beta characteristics, becomes the first battlefield for bullish funds to replenish.

3. Technical Analysis Observation: BTC May Return to the 'Upward Channel'

According to technical analysis: BTC/USD is forming a typical head-and-shoulders bottom reversal pattern, and if it can effectively hold above $105,000, it may challenge the $110,000 resistance level in the short term, potentially starting a new round of upward momentum. Meanwhile, data from the derivatives market shows that short-term volatility is compressing and implied volatility is retreating, indicating that the market is entering a new round of 'stability → explosion' preheating phase.

4. Summary: The Crisis Is Not Far, but Opportunities Have Emerged

The ceasefire allows for short-term market recovery, but the situation in the Middle East, interest rate expectations, and ETF inflows will continue to repeatedly dominate upcoming price fluctuations.

For investors, the key is to: recognize turning points, identify main lines, and select strong logical projects + coins with strong structural support. Be cautious of short-term pullback risks, while there are still structural upward opportunities in the medium term.