Bitcoin (BTC) extended its rally early Tuesday, surging past $75,000 to its highest level since early February, as bearish traders betting against BTC and other major cryptocurrencies faced a wave of mounting short liquidations.
Bitcoin Crosses Above $75,000
The pioneer cryptocurrency was recently changing hands around $75,829, according to CoinGecko data, reclaiming this level for the first time since Feb. 5 as renewed optimism over potential U.S.–Iran negotiations lifted sentiment across the crypto market.
The broader crypto market climbed to a total valuation of around $2.63 trillion after President Donald Trump signaled openness to a potential deal with Tehran, boosting investor sentiment across digital assets.
Crypto prices have largely struggled in recent months, but Tuesday’s rally has triggered a wave of liquidations now exceeding $530 million over the past 24 hours, according to CoinGlass—most of it from short positions, where traders had bet on prices falling.
Of the total, more than $671 million came from short positions. Bitcoin alone accounted for $282 million in liquidations over the past 24 hours—around $262 million from shorts—while Ethereum followed with $187 million, including roughly $153 million tied to bearish bets.
 
The rebound has also pushed Michael Saylor’s Strategy close to breakeven on its Bitcoin holdings. The company owns roughly 780,897 BTC, acquired at an average cost of about $75,577 per coin, according to its Bitcoin purchase disclosures.
With BTC now trading near those levels, the position has moved back into breakeven territory after briefly going underwater when prices slipped below $75,000 in early February. Two months later, Strategy’s massive Bitcoin stack is once again nearing an unrealized gain.
Could BTC Rise To $80,000?
At press time, Bitcoin had gained 3.9% over the past 24 hours and 10.7% over the week.
The next major test for the rally lies ahead at current levels, with the $80,000 mark emerging as a psychologically significant test level, according to widely-followed on-chain analyst Willy Woo.
A clean break above that level would be crucial in signaling whether the current rebound can develop into a more sustained bull rally.
Be the first to comment