Bitcoin has once again surpassed the $75,000 mark for the second time since the onset of tensions between the U.S. and Iran. In just 24 hours, it surged by 7%, adding around $98 billion to its market capitalization in a single day. During this same timeframe, the overall cryptocurrency market saw an increase of $135 billion, while approximately $500 million in short positions were liquidated as traders with leverage scrambled to re-enter a swiftly rising market.
Factors Behind This Surge
The main driver behind this movement was a sudden intensification of hostilities between the U.S. and Iran. On April 13, news broke regarding an order to block access to the Strait of Hormuz—one of the most vital oil transit routes globally. This development sent ripples through financial markets and resulted in widespread forced liquidations within crypto derivatives markets, heavily impacting short sellers.
What Analysts Are Monitoring Moving Forward
Experienced technical analyst Gareth Soloway has been observing Bitcoin’s macro structure throughout its recent downturn and interprets this latest movement as aligning with a bullish pattern in the near term; however, he advises caution against over-interpretation.
Soloway highlights that maintaining support within the range of $64,000 to $67,000 is crucial. As long as Bitcoin remains above this band, he perceives a net bullish outlook for near-term movements toward an ambitious target of $80,000—a goal he has maintained since February despite delays indicated by chart patterns.
While he argues that current trends appear positive for now, Soloway warns that on larger timeframes there still exists unresolved downside risk within Bitcoin’s structure. Should Bitcoin fail to maintain these essential support levels and if broader macro conditions unfold unfavorably, he suggests keeping an eye on $50,000 as another significant level.
In his assessment regarding reaching $80,000 specifically—it is not seen as a straightforward breakout target; rather it represents substantial resistance where previous lows intersect with upper boundaries of Bitcoin’s trend channel.