Bitcoin spent April 16 in a volatile tug-of-war around the $75,000 level, breaking through several times only to be pushed back by heavy selling. By press time, the leading cryptocurrency was trading just above $74,200, barely changed from a day earlier.
Coinglass data shows $137 million in total liquidations over the past 24 hours, split nearly evenly between longs ($70M) and shorts ($67M). A total of 8,061 traders were wiped out, with the largest single liquidation reaching $9.7 million. Intraday volatility exceeded 2.94%, with Bitcoin briefly dipping to $73,309 before bouncing back toward $75,000.
A Brutal Squeeze for Both Sides at $75K
The price action reflected a mix of geopolitical and economic factors. Reports of potential U.S.-Iran talks initially buoyed sentiment, but underwhelming U.S. jobless claims and muted ETF inflows capped gains. Each time Bitcoin neared the $75,000 resistance, wave after wave of selling emerged, preventing a decisive breakout.
Data reveals the tug-of-war hit long and short traders equally hard. With only a $3 million difference between long and short liquidations, the market showed no directional bias — merely choppy price swings that washed out overleveraged positions.
MEXC Research Analyst: $85K Likely by Late April
Shawn Young, chief analyst at MEXC Research, argues that geopolitical uncertainty has already been priced into the market. “As with previous geopolitical tensions, the crypto market, led by Bitcoin, eventually prices in the uncertainty of war,” Young said. “With U.S.-Israel-Iran negotiations ongoing, market sentiment leans toward a positive resolution, which has pushed Bitcoin above $76,000.”
Young noted that while Bitcoin remains below “optimal ranges,” the trajectory is favorable. April has historically been a strong month for Bitcoin, averaging a 31% gain. “If nothing disruptive occurs, Bitcoin could easily reclaim the $85,000 mark by the end of April and form a new support level there,” he added.
He also cautioned that any snag in negotiations could erase recent gains. On-chain data shows more than 250,000 BTC have been accumulated over the past 30 days, signaling a shift in investor behavior from short-term trading to longer-term value storage — providing a support layer for prices.