Bitcoin has climbed back above the $70,000 mark, hitting its highest level in the past 10 days. The move was quick, with BTC jumping around 3.6% in just 12 hours, triggering over $258 million in liquidations, $233 million of that from short positions.
The breakout was largely fueled by a classic short squeeze. As prices moved higher, bearish positions were forced to close, adding more buying pressure and pushing BTC further up.
Analyst Michaël van de Poppe pointed to strong market conditions, saying:
“Pretty strong momentum on the markets of #Bitcoin. Volatility is picking up, and I think it’s fireworks during this week as we might be getting to the end stage of the entire situation in the Strait of Hormuz. If #Bitcoin breaks $71K, then markets are in for a test at $80K.”
At the same time, ongoing geopolitical developments around the Strait of Hormuz are adding uncertainty, which could lead to sharper moves this week.
Another major reason behind the rally is easing global tension. Reports of a possible US–Iran ceasefire, along with extended deadlines from Donald Trump, have reduced fear in financial markets.
As sentiment improved, money quickly moved back into risk assets like crypto. Bitcoin, which was recently struggling near $66K due to war concerns, saw a strong bounce as confidence returned. However, platforms like Polymarket show traders are still not fully convinced, keeping the market cautious.
Bitcoin is now testing the $69K–$70K zone, which is acting as a key resistance. Analyst Ted Pillows noted that a clean move above this range could push BTC toward $72K–$74K, while rejection may send it back below $66K.
On-chain data from Santiment adds another layer to watch. The profit-to-loss transaction ratio has reached 2.95:1, a level that has often marked short-term tops, suggesting a cooldown could follow.
Zooming out, the cycle still looks unusual. Stockmoney Lizards noted that despite a 700% rally over three years, retail participation has remained low.
“This time we barely touched extreme greed… it felt different,” they shared, suggesting Bitcoin may still be in an accumulation phase with more moves left later in the cycle.
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