Bitcoin climbed above $75,000 early Tuesday, reaching its highest price level since early February. The surge pushed the leading cryptocurrency to roughly $75,834, according to data from CoinGełcko, triggering a massive wave of liquidations for traders betting against the market.
Over $600 million in crypto liquidations occurred within a single day, according to CoinGlass. Of that total, more than $488 million came from short positions. Bitcoin alone saw $272 million in liquidations, with $262 million of that amount specifically wiping out short sellers.
Ethereum also experienced significant volatility, with $140 million in liquidations recorded, $121 million of which targeted short positions. The token recently traded around $2,384, marking an 8% gain in 24 hours and a 14% rise over the past week, per Decrypt.
Market analysts attribute the price jump to improving risk-on sentiment. Geopolitical tensions have eased following a tentative ceasefire in the conflict between the U.S., Israel, and Iran, according to Decrypt. A declining U.S. dollar index, which hit five-week lows as war fears subsided, has further supported risk assets, according to CoinDesk.
Market breadth and institutional activity
While Bitcoin and Ethereum lead the rally, market participation remains uneven. TradingView data shows that although Bitcoin's price is convincingly above its 50-day moving average, only 51 of the top 100 coins are exhibiting similar bullish behavior. This indicates that broader market breadth remains limited.
Some altcoins and memecoins are seeing isolated gains. The token for decentralized exchange Hyperliquid, HYPE, rose 22% this week to $44. Hyperliquid's share of open interest relative to centralized exchanges reached a new all-time high of 6.9%, according to Hyperliquid News. Zcash (ZEC) also surged nearly 38% this week to $366.
Institutional buying has provided additional upward pressure. Bitcoin treasury firm Strategy purchased $1 billion in Bitcoin following its STRC preferred shares issuance. Simultaneously, Ethereum treasury firm BitMine Immersion Technologies completed its largest weekly ETH purchase since December, according to Decrypt.
Analysts warn that the current rally requires stability to sustain long-term growth. Alex Kuptsikevich, chief market analyst at FxPro, stated in an email: "A victory for the bulls in this battle will pave an easier path to the $87K–$90K range, where the 200-day MA and the November–January support are located. Optimism in global markets increases the chances of reaching these heights in the coming days, but before rising above $90K, Bitcoin may require a lengthy period of consolidation and cooling off."
Trading analysts at the Marex Group also emphasized the need for a stable price floor. "If bitcoin can consolidate above 73k to 74k without funding overheating, this can extend. If it gives it back quickly, it confirms that the move was mostly headline and squeeze, not a true demand shift," the analysts said.
Related equities also moved higher. Crypto-linked stocks including Circle (CRCL), up 11%, and Ethereum treasury firm Sharplink (SBET), up 10%, led gains in the sector, according to Decrypt.
