TLDR
- BTC surged past $74,000 on Monday, marking its strongest level in six weeks
- Approximately $344 million in liquidations occurred, with shorts representing 83% of the total
- Bitcoin ETFs recorded $767.3 million in cumulative net inflows throughout last week’s five trading sessions
- Technical analysts identify $73,000–$74,000 as critical resistance, with potential for $80,000 if buying pressure persists
- Strategy’s latest acquisition of 17,994 BTC highlights growing institutional accumulation
Bitcoin reached a six-week peak on Monday, breaking through the $74,000 threshold for the first time since the beginning of February. The leading cryptocurrency by market capitalization was changing hands at $73,892 during early Monday trading, representing a 3.4% daily increase.
This upward momentum followed a particularly robust week for digital assets. BTC posted a 6% weekly gain, notably outperforming traditional equity markets which declined amid concerns over surging oil prices.
The rally materialized despite persistent geopolitical instability in the Middle East, which has now entered its third week. President Donald Trump has urged allied nations to contribute to securing the Strait of Hormuz, a critical passageway for global oil transportation.
Crude oil prices hovered near $98 per barrel, maintaining pressure on inflation expectations throughout international financial markets.
Massive Short Liquidation Wave Propels Prices Higher
A significant cascade of forced short position closures provided substantial upward momentum. According to CoinGlass data, approximately $344 million in total cryptocurrency liquidations occurred within the previous 24-hour period. Short position liquidations accounted for roughly 83% of this figure.
When traders utilizing leverage to wager on price declines are compelled to exit their positions, it generates buying pressure that can rapidly accelerate upward price action.
Prior to Monday’s surge, Bitcoin had already advanced to approximately $72,800 on Sunday. Market analysts at Bitrue characterized the movement as a “solid relief bounce” from the mid-$60,000 range lows.
Ethereum posted a 4.7% gain, XRP advanced 3%, and Solana increased 4.8% during the comparable timeframe.
Strong ETF Demand Provides Additional Momentum
Spot Bitcoin exchange-traded funds registered positive net inflows across each of last week’s five trading sessions, accumulating $767.3 million total. This achievement represents the third consecutive week of net positive flows into Bitcoin ETF products.
Spot Ethereum ETFs similarly attracted capital, recording a weekly net inflow of $160.8 million.
Bitrue analysts attributed the price appreciation to robust ETF demand combined with institutional and large-holder accumulation patterns following the April 2024 halving event.
Strategy, the prominent corporate Bitcoin accumulator previously operating as MicroStrategy, recently added 17,994 BTC to its holdings. Min Jung from Presto Research emphasized that market participants will closely monitor whether major buyers like Strategy maintain their acquisition patterns.
The $70,000–$71,000 price range is considered crucial support territory this week. Meanwhile, the $73,000–$74,000 zone represents a resistance barrier that, if decisively breached, could propel prices toward the $80,000 mark according to market analysts.
Dominick John from Zeus Research suggested that a clear breakout above $75,000 would likely trigger a more substantial upward movement.
Adziima from Bitrue emphasized that sustained momentum alongside continued ETF capital inflows would be necessary to validate any extended bullish trajectory.
Bitcoin was most recently quoted at $73,892, representing a 3.4% daily advance, with an intraday peak of $74,336.
