Bitcoin has topped $75,000 for the first time since mid-March, leading a broad cryptocurrency rally driven by signals of diplomatic progress in the US-Iran conflict and a short squeeze that swept through leveraged futures markets.
The world's largest cryptocurrency by market capitalisation climbed approximately 5.9% to push above $75,000, recovering from a morning low of $70,741 and testing the upper boundary of the two-month consolidation range between roughly $65,000 and $75,000 that has contained price action since February.
The rally followed a sequence of geopolitical developments that eased pressure on oil prices and lifted risk appetite across financial markets.
After ceasefire talks broke down at the weekend, prompting President Trump to order a blockade of the Strait of Hormuz, a critical passage for global oil shipments, Iran subsequently signalled its willingness to resume negotiations, and US Central Command confirmed the navy would restrict only vessels travelling to and from Iranian ports rather than implementing a full closure.
Oil prices fell on the news, removing a key inflationary headwind that had weighed on risk assets for weeks.
The crypto market reaction was amplified by crowded short positioning: funding rates had turned negative in the days prior, indicating that bearish bets had accumulated, and the sudden de-escalation triggered liquidations across leveraged futures positions, accelerating the upward move.
Ethereum rose 8.6% to $2,377, outperforming Bitcoin on the day, with on-chain transaction volumes on the network jumping 41% over the past week and flows into Ethereum exchange-traded funds (ETFs) turning positive.
XRP gained 4.2% to $1.38, with weekly ETF inflows reaching $119.6 million and accounting for more than half of global crypto fund inflows for the period.
Solana advanced 6.3% to $86.55, with decentralised finance volumes on the network reaching $57 billion in March.
Despite the strength of the move, Bitcoin remains approximately 40% below its all-time high above $126,000 reached in October 2025, and analysts have flagged several near-term risks that could cap or reverse the rally.
The US tax filing deadline on 15 April has historically been associated with selling pressure, with an estimated $2.8 billion in crypto disposals expected in the coming days.
The ceasefire's durability also remains uncertain: the initial two-week truce announced on 7 April showed signs of strain within 48 hours, with Iran's parliament speaker alleging multiple violations, and any renewed escalation could quickly reverse the risk-on positioning now visible across markets.
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The next Federal Open Market Committee meeting represents a further macro test, with the Federal Reserve continuing to signal a higher-for-longer interest rate stance in the face of persistent inflation risks.
If near-term headwinds are navigated, trading desks have identified $80,000 as the key resistance level for Bitcoin, with year-end targets ranging from a conservative $75,000 base case to above $100,000 should inflation ease and the macro backdrop improve.
The recap
- Bitcoin regained levels above $75,000 amid market‑wide rally
- Ethereum jumped to $2,377 while XRP hit $1.38
- Market faces tax selling, ceasefire expiry and Fed meeting