Bitcoin extended its rally Tuesday, surging past $75,000 to reach its highest level since early February as short sellers across major cryptocurrencies faced a wave of liquidations.
CoinGecko data showed BTC trading around $75,829, reclaiming levels last seen on Feb. 5. Renewed optimism around potential U.S.–Iran negotiations helped lift sentiment across the crypto market, pushing total crypto market capitalization to roughly $2.63 trillion after President Donald Trump signaled openness to a deal with Tehran.
The sudden upside triggered a flurry of forced exits: CoinGlass reported liquidation events exceeding $530 million over the past 24 hours, with most losses coming from traders holding short positions. Bitcoin accounted for about $282 million in liquidations during that span—approximately $262 million tied to shorts—while Ethereum saw roughly $187 million liquidated, including about $153 million from bearish bets.
The rebound also had implications for institutional holders. Michael Saylor’s Strategy fund, which holds roughly 780,897 BTC purchased at an average cost near $75,577 per coin, moved back toward breakeven as BTC climbed above those levels after briefly falling below $75,000 in early February.
At press time, Bitcoin was up about 3.9% over 24 hours and roughly 10.7% for the week. Market watchers say the next significant hurdle is the $80,000 mark, a psychologically important level. On-chain analyst Willy Woo noted that a clean break above $80,000 would be a key signal for whether this rebound can evolve into a more sustained bull run.
