Bitcoin broke through the $73,000 barrier that had rebuffed it three times over eight days.
On Monday night, bitcoin surged by 4.8% to reach $74,484, its highest level since before the onset of the Iran conflict in late February, following President Trump’s indication of readiness for renewed talks with Tehran despite the U.S. blockade on the Strait of Hormuz.
This development resulted in crypto liquidations totaling $534 million across 180,000 traders, with $430 million stemming from short positions, marking the second significant squeeze within a week.
Ether experienced the most substantial gain among major cryptocurrencies, jumping by 7.7% to $2,366, now recording a weekly increase of 12.4%, significantly outpacing bitcoin’s performance. Solana’s SOL rose 4.6% to $85.80, marking a 7.6% rise over the week. BNB appreciated by 3.3% to $615.80, while XRP increased by 2.9% to $1.36. Dogecoin climbed 2.7% to $0.094. All top 10 assets are currently in positive territory on both daily and weekly charts.
The largest individual liquidation was a $12.4 million BTC-USDT short position on Aster. Bitcoin led with total liquidations of $229 million, followed by ether at $136 million. The smaller token RAVE saw $43 million in liquidations as its price soared by 66%, while Solana contributed $12 million.
The S&P 500 has fully recovered from losses related to the Iran conflict, and the MSCI All Country World Index is on track for its eighth consecutive day of gains, marking the longest winning streak since September.
Brent crude fell by 1.3% to $98 as markets factored in the potential for new talks before the April 7 ceasefire expiration next week. Treasury yields dipped one basis point to 4.28%, as cheaper oil alleviated inflation worries.
The most substantial liquidations occurred within a 12-hour window, amounting to $379 million, with $327 million from shorts. The short-to-long liquidation ratio of approximately 4-to-1 over this period indicates the market’s strong bearish positioning at $73,000, despite last week’s ceasefire-induced bounce already penalizing that trade.
For bitcoin, surpassing $73,000 sets the next resistance level at the Traders’ Realized Price near $79,000. This is identified by analysis firm CryptoQuant as the point where traders who purchased during the downturn achieve breakeven and are likely to sell.
The route ahead faces less technical resistance than any other period since the conflict began.
However, risks persist. Trump imposed the Hormuz blockade following fruitless talks in Islamabad over the weekend. The ceasefire is set to expire next week. Nonetheless, discussions between the U.S. and Iran are ongoing for another round of negotiations, and markets interpret the blockade as a strategic pressure measure rather than an escalation, intended to limit Iran’s oil income while setting the stage for eventual shipping resumption.