Bitcoin has reclaimed the $75,000 price level for the second time since the outbreak of the U.S.-Iran conflict, marking a significant 7% surge in the last 24 hours. This rally added approximately $98 billion to Bitcoin's market capitalization in a single day, while the broader crypto market gained $135 billion. The move was accompanied by the liquidation of roughly $500 million in short positions as leveraged traders were forced to buy back into the rapidly rising market.
The primary catalyst for the surge was a sudden escalation in geopolitical tensions. On April 13, reports emerged of an order to blockade the Strait of Hormuz, a critical global oil transit chokepoint. This news sent shockwaves through financial markets, triggering a wave of forced liquidations across crypto derivatives markets where short sellers bore the brunt of the move.
Technically, Bitcoin is testing a crucial resistance zone. At the time of the report, BTC was trading at $74,397, up 4.88%, and is attempting to break above a multi-month trendline that has been capping prices. Crypto analyst Lark Davis emphasized that a confirmed candle close above this trendline, which coincides with the 0.382 Fibonacci level at $74,476, would be the first meaningful bullish signal. Without that confirmation, the risk of rejection remains high. Davis also warned that the market remains fragile, noting that "a single headline can change the entire course of the market given Iran tensions."
Veteran technical analyst Gareth Soloway provided further context, viewing the current move as consistent with a near-term bullish pattern but urging caution. He identifies the $64,000 to $67,000 range as the critical support zone to watch. As long as Bitcoin holds that band, Soloway views the structure as net bullish with a move toward $80,000 still on the table—a target he has held since February. However, he flags the $80,000 level itself as a major resistance zone where the upper parallel of Bitcoin's trend channel converges with prior lows. Should Bitcoin fail to hold key supports, Soloway points to $50,000 as a potential downside level to watch.
