Bitcoin Climbs 4% to $70k on Renewed Investors Optimism
Bitcoin is up 3.96% to $69,947.69 over the past 24h, outpacing the broader market’s 3.38% gain, driven by a derivatives-led short squeeze that liquidated over $134 million in bearish bets.
The move was amplified by renewed geopolitical optimism and a technical breakout above key resistance. A major short squeeze triggered by a whale’s $99.1 million liquidation on Hyperliquid, forcing rapid unwinding of leveraged short positions as Bitcoin rallied.
A broader market rebound, fueled by hopes for a U.S.–Iran ceasefire and steady institutional ETF demand, provided a supportive macro backdrop.
Bitcoin’s rise coincided with a 3.38% gain in total crypto market cap. News of potential U.S.–Iran ceasefire talks eased risk-off sentiment, boosting equities and crypto. Concurrently, spot Bitcoin ETFs saw $22.3 million in net inflows last week, reflecting steady institutional demand.
Bitcoin broke above the 23.6% Fibonacci retracement level at $69,392, with volume spiking 98.61% to $36.85 billion, confirming buyer conviction.
Technical traders said the immediate resistance is the recent swing high near $71,000, with extension toward $73,700 possible. The path of least resistance is up, with price holding above the 200-day average at $67,500.
The crypto market is expected to be influenced by the March U.S. Consumer Price Index (CPI) report, scheduled for release on April 10. A soft print could fuel a breakout; a hot reading may trigger a rejection and test of lower support, analysts said.
They noted that while the combination of a violent short squeeze and improving risk appetite pushed Bitcoin out of its recent range, the rally now faces a major macro test. Bitcoin Price Climbs on Standard Chartered $500k Prediction