Bitcoin price jumped sharply toward $72,700 during New York trading after US President Donald Trump confirmed a two week ceasefire agreement with Iran, triggering a steep decline in global oil prices. The sudden shift in geopolitical tension helped fuel renewed demand across crypto markets.
Bitcoin Rebounds 7% as Short Liquidations Exceed $431 Million
Market data showed BTC climbed about 7.4%, rising from $67,274 to $72,760, marking its highest level in three weeks. The last time Bitcoin traded above $72,000 was on March 18.
The rally triggered large liquidations across derivatives markets, with $431 million in short positions wiped out in 24 hours. Bitcoin-related short liquidations alone totaled $214.8 million, while overall crypto liquidations reached $610 million.
Oil Price Crash Supports Crypto Market Momentum
Oil prices dropped sharply after the ceasefire announcement. Crude, which had surged between $110 and $118 per barrel, fell by nearly 16% to around $92, while WTI crude declined to $91 before stabilizing near $95.
Trading firm QCP Capital warned that market optimism remains fragile, citing ongoing uncertainty around infrastructure damage and upcoming diplomatic talks.
Bitcoin Faces Resistance Between $72K and $76K
Despite the rally, traders remain cautious about a sustained breakout. Bitcoin bulls still face strong resistance within the $72,000–$76,000 range, describing the pattern as a potential bearish flag.
High timeframe close above $76,000 could push Bitcoin toward $86,000–$90,000, while rejection at that level could send prices below $60,000. Many traders are also watching long term indicators such as the 200-week moving average, historically linked to bear market bottoms.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.