Bitcoin tested the $75,000 resistance multiple times over the past 24 hours, eventually stabilizing near $74,200. Data from Coinglass shows BTC's 24-hour volatility exceeded 2.94%, leading to the liquidation of 8,061 traders with total liquidations hitting $137 million. Long positions accounted for about $70 million of the liquidations, while shorts saw $67 million wiped out, with the largest single liquidation reaching $9.7 million.
Geopolitical and Economic Factors at Play
The price swings were triggered by a mix of news around potential US-Iran talks, disappointing US jobless claims, and inflows into Bitcoin spot ETFs. On April 16, BTC twice breached $75,000 but failed to hold, dropping to an intraday low of $73,309 before bouncing back toward the resistance. As of press time, Bitcoin is trading around $74,200, nearly flat from the same time yesterday, with its market cap holding at about $1.48 trillion.
Analyst Outlook: $85,000 by Late April
Sean Young, chief analyst at MEXC Research, remains optimistic. He noted that historically, geopolitical uncertainties are eventually priced in, and the ongoing negotiations could pave the way for a positive resolution. Despite the short-term breakout, Young believes Bitcoin is still trading below its “optimal range.” He pointed out that investors have bought over 250,000 BTC in the past 30 days, signaling a shift in the asset's role as a store of value. Young predicts that unless major disruptions occur, Bitcoin could easily reclaim $85,000 by the end of April. “April has historically been the best month for crypto, with an average gain of 31%. If history repeats, $85,000 could become a new support level,” he added.
However, analysts caution that any complications in the Middle East negotiations could derail the recent gains. The market sentiment leans positive, but the tug-of-war between bulls and bears is far from over.