Bitcoin failed to maintain its upward momentum on April 15, retreating from a $76,000 resistance level to trade around $74,000. Market data shows the cryptocurrency oscillated between $74,000 and $74,800 for most of the day, hitting an intraday low of $73,617. A brief rally stalled at $74,400 before a sharp reversal. At the time of writing, bitcoin's 24-hour gains were below 2%, and its market cap fell from Tuesday's peak of $1.52 trillion to $1.48 trillion.
Geopolitical Sentiment
Bitcoin's price action contrasted with mostly flat global equity indices, except for South Korea's Kospi, which rose 123 points (2%). Reports of possible new U.S.-Iran talks renewed investor optimism, but Iran's threats to close the Bab el-Mandeb Strait reminded markets that tensions could escalate.
Bitfinex: Supply Squeeze, Not Demand Recovery
While many observers attributed Tuesday's rally to Middle East geopolitical tensions, Bitfinex analysts insisted the move was not driven by a broad resurgence in demand. Instead, they identified a sustained buyer absorbing liquidity at an unmatched pace: Strategy, which used its perpetual preferred stock (STRC) to acquire 13,927 BTC at an average price of $71,902. With daily mining output around 450 BTC, Strategy's purchase effectively removes nearly 2,000 BTC from the market per day, the analysts noted.
“This was not a broad-based expansion in demand, but a mechanically driven supply squeeze led by a single, price-insensitive buyer. STRC has acted as a liquidity sink, compressing available supply and forcing price higher,” the analysts wrote. They warned that this dynamic is approaching its limit, but a spot-led daily close above $75,000 would confirm the durability of the leg beyond the STRC pause. Conversely, rejection at that level could send the market back to the $70,000-$71,000 range.