TLDR
- Bitcoin rose to about $74,788, its highest level in nearly a month.
- Around 177,000 traders were liquidated for roughly $530 million in 24 hours.
- About 80% of liquidations, or $425 million, came from BTC and ETH shorts.
- Total crypto market capitalization climbed to about $2.6 trillion.
- Crude oil fell from nearly $120 to below $100 as Iran deal hopes grew.
Bitcoin climbed to its highest level in nearly a month as fresh hopes of a deal between the Trump administration and Iran improved sentiment across the crypto market. The move pushed the total crypto market value to about $2.6 trillion and triggered a broad wave of liquidations. According to data, about 177,000 traders were liquidated for roughly $530 million over the past 24 hours, with most of that activity concentrated in the last 12 hours.
Bitcoin rose nearly 6% to about $75,021 during Tuesday morning trading in US. That left the asset up almost 9% over the past week. Ether also joined the rally, trading near $2,375 as short positions were forced out across the market.
Bitcoin Rally Gains Pace as Short Positions Unwind
The largest share of liquidations came from leveraged short positions in Bitcoin and Ether. The figures provided say about 80% of total liquidations, or $425 million, came from traders betting against the market. That type of move often adds speed to a rally because forced buying from liquidated shorts can push prices higher within a short period.
The wider market also moved higher alongside Bitcoin. Total crypto market capitalization reached about $2.6 trillion, which marked its highest level in a month. One market commentator said the scale of recent liquidations added more than $100 billion to total market value within hours, though that estimate stands separate from the broader data cited from CoinGlass.
Renewed optimism around a possible U.S.-Iran deal appeared to support the move. The report said Iran had indicated officials were ready to step back from pursuing a nuclear enrichment program. That came after U.S. naval forces began blocking Iranian traffic at the Strait of Hormuz, which had pushed energy markets into focus at the start of the week.
Oil Prices Retreat as Risk Appetite Returns to Crypto Markets
Crude oil had moved close to $120 before turning sharply lower, falling back under $100 in the figures supplied. That shift eased immediate concerns around inflation and helped improve demand for risk assets such as Bitcoin. Traders had been watching the Strait of Hormuz closely because it remains one of the most important energy shipping routes in the world.
When oil prices rise quickly, markets often worry that inflation could remain elevated for longer. That can weigh on assets that depend on stronger risk appetite. The retreat in oil prices changed that tone and supported a rebound in digital assets as traders reassessed the near-term macro picture.
Even with the latest rally, Bitcoin remains below earlier 2026 highs. The recent move has improved short-term sentiment, but it has not yet ended debate about whether the broader market trend has turned. That is why many traders continue to watch both geopolitical developments and macro signals alongside chart levels.
Analysts Warn of a Deeper Bitcoin Drop Toward $50,000
Despite the move toward $75,000, several analysts cited in the material still expect a deeper correction before any lasting recovery. Trader and author Ivan Liljeqvist said Bitcoin has not yet seen what he called “the big flush.” He added that he does not believe the move to $60,000 marked the final bottom and said the broader trend remains down.
THREE PHASES. BITCOIN ABOUT TO ENTERTHE SECOND.
Accumulation: done.
Manipulation: loading.
Distribution: $150K. Pending.$70K is the decision.
Hold it: manipulation is short.
Lose it: $50K first.They ran this playbook once already.
You watched it happen. pic.twitter.com/yJMAeA6Tfh— Merlijn The Trader (@MerlijnTrader) April 13, 2026
Other analysts outlined a similar view. Merlijn Enkelaar said Bitcoin could be entering a new phase that may send the asset toward $50,000 before a more durable recovery starts. Nick Ruck of LVRG Research also said the $50,000 level is viewed by some traders as the last major accumulation zone before a stronger recovery can begin.
Another analyst, known as “symbiote,” described the high-time-frame chart as “super bearish” and said a final drop toward $59,000 or $50,000 could still happen. Analyst “Jelle” also pointed to a bearish flag pattern that remained active. For now, Bitcoin’s rally near $75,000 has improved momentum and forced out short sellers, but a section of the market still sees the latest rebound as part of a larger corrective structure rather than a confirmed trend reversal.
