Bitcoin experienced extreme volatility over the past 24 hours, repeatedly challenging the $75,000 resistance level before settling near $74,200. The price swings triggered a wave of liquidations, with Coinglass reporting $137 million in total trader liquidations, including approximately $70 million in long positions and $67 million in shorts. A total of 8,061 traders were forced to close their positions, with the single largest liquidation amounting to $9.7 million. Intraday price volatility exceeded 2.94%, leaving both bulls and bears bruised.
Geopolitical and Macroeconomic Drivers
The chaotic price action was influenced by a mix of geopolitical developments and macroeconomic data. Reports of potential U.S.-Iran talks added uncertainty, while underwhelming U.S. jobless claims and inflows into spot Bitcoin ETFs also played a role. Bitcoin initially surged on April 13, but on Wednesday evening it twice broke through $75,000 only to face heavy selling pressure each time. Shortly before midnight, it breached the level again before retracing to consolidate near the threshold. By 5 a.m. EST Thursday, a fresh volatile session saw the price drop to $74,300, followed by a rapid recovery to $75,000. The pattern repeated between 9:30 a.m. and 12:15 p.m. EST, with Bitcoin plunging to an intraday low of $73,309 before bouncing back to nearly $75,000. At the time of writing (1:30 p.m. EST), Bitcoin is once again trending lower, trading just above $74,200 — a marginal gain compared to the same time yesterday. Market capitalization remained largely unchanged at $1.48 trillion.
Analyst Outlook: $85,000 in Sight
Despite the short-term turbulence, some analysts remain bullish. Shawn Young, chief analyst at MEXC Research, noted that Bitcoin's recent break above $76,000 has sparked debate about the next direction. “As with previous geopolitical tensions, the crypto market, led by bitcoin, eventually gets to price in the uncertainty of the war,” Young said. “This way, a sustained tension may now have little or no impact on price movement. With the negotiations in the U.S.-Israel-Iran war continuing, market sentiment is tilted toward a positive resolution, a possibility that has pushed the price of bitcoin above the $76,000 mark.” Young added that despite the short-term breakout, bitcoin is still trading below “optimal ranges” that future updates might reshape.
Over the past 30 days, investors have accumulated over 250,000 Bitcoin, signaling a shift in the asset's role as a store of value. Young believes that if the Middle East conflict is resolved and no new disruptions arise, Bitcoin could easily reclaim $85,000 by the end of April. Historically, April is a positive month for the cryptocurrency, with an average gain of 31%. “If history repeats itself, a new support level may be formed at $85,000,” Young concluded. However, Bitfinex previously flagged limits to the rally driven by Strategic Bitcoin Reserve (STRC) narratives, warning that the momentum may be capped. Bitcoin failed to hold its upward momentum on April 15, retreating from $76,000 to around $74,000. Traders are now closely watching geopolitical headlines and macro data for the next catalyst.