Bitcoin Nears $75K on US-Iran Deal Hopes Triggering $400M Short Squeeze

Bitcoin surged to a four-week high just below $75,000 on Tuesday, driven by hopes of a deal between the Trump administration and Iran.

“Bitcoin surged to a four-week high just below $75,000 on Tuesday, driven by hopes of a deal between the Trump administration and Iran that lifted sentiment across risk assets”

Bitbo

The broader crypto market climbed to a total value of $2.6 trillion, its highest in a month.

Bitbo

177,000 traders were liquidated for a combined $530 million over 24 hours, with 80% being leveraged short positions in Bitcoin and Ether.

Analyst Bull Theory noted that over $300 billion in crypto shorts were liquidated in just a few hours.

Valerius Labs cautioned that this isn’t a breakout, it’s a short squeeze running into overhead supply.

Markets rallied largely because traders believed the US and Iran were moving closer to a deal.

Iran’s economy depends heavily on oil exports, and a US blockade of the Strait of Hormuz could prove devastating.

Cointelegraph

President Trump threatened to sink any Iranian naval ship or tanker that would look to pass through the strait.

Trump told reporters that Iran wants to make a deal, but his administration will not agree to any arrangement that allows Tehran to possess a nuclear weapon.

The next key zone that Bitcoin needs to penetrate is between $75,000 and $76,000.

The rally was driven by a short squeeze that liquidated over 180,985 traders.

“Bitcoin breaks $74K as US-Iran deal hopes grow, sparking crypto rally”

Invezz

Over $430 million in leveraged short positions in Bitcoin and Ether were liquidated.

Nearly $3.4 million worth of short positions were liquidated in the past hour.

If the bulls can pierce the $76,000 barrier, it could clear the path for a retest of the all-time high near $77,739.

The short-term trajectory would hinge on the March Producer Price Index data.