Gate News message, April 14 — Bitcoin 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. The move added approximately $98 billion to Bitcoin’s market cap in a single day, while the broader crypto market gained $135 billion in the same period. Short positions worth $500 million were liquidated as leveraged traders were forced to buy back into the rapidly rising market.
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.
Technical analyst Gareth Soloway identified the $64,000 to $67,000 range as the critical support zone. He noted that as long as Bitcoin holds that band, the near-term structure remains net bullish with a potential move toward $80,000. Soloway also pointed to $50,000 as a level to watch if Bitcoin fails to hold key support levels. He flagged $80,000 as a major resistance zone where the upper parallel of Bitcoin’s trend channel converges with prior lows.
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