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Bitcoin has reclaimed the $75,000 level for the second time since the outbreak of the U.S.-Iran conflict, rising 7% in the last 24 hours and adding approximately $98 billion to its market cap in a single day. The broader crypto market gained $135 billion in the same period, while $500 million in short positions were liquidated as leveraged traders were forced to buy back into a rapidly rising market.
What Drove the Move
The primary catalyst was a sudden escalation in U.S.-Iran tensions. On April 13, reports emerged of an order to blockade the Strait of Hormuz, one of the world’s most critical oil transit chokepoints. The news sent shockwaves through financial markets and triggered a wave of forced liquidations across crypto derivatives markets, with short sellers bearing the brunt of the move.
What Analysts Are Watching Next
Veteran technical analyst Gareth Soloway, who has been tracking Bitcoin’s macro structure through the current downturn, sees the current move as consistent with a near-term bullish pattern but urges caution about reading too much into it.
Soloway identifies the $64,000 to $67,000 range as the critical support zone. As long as Bitcoin holds that band, he views the near-term structure as net bullish with a move toward $80,000 still on the table. He said that the $80,000 target is one he has held since February, saying the charts have continued to point there even as the timeline stretched longer than expected.
The near-term pattern is bullish, he argues, but the larger timeframe still shows a structure that has not resolved its downside risk. If Bitcoin fails to hold key support levels and the macro pattern plays out, Soloway points to $50,000 as a level to watch.
The $80,000 level itself is not a clean breakout target in his view. He flags it as a major resistance zone where the upper parallel of Bitcoin’s trend channel converges with prior lows.
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