Bitcoin briefly climbed above the $74,000 resistance level on Monday — a threshold that had rejected prices four times over the past two weeks — before easing slightly below that mark.
The largest cryptocurrency was trading near $74,000 during Monday morning hours, up about 2.9% over the past 24 hours and nearly 9.7% for the week. The rally extended across the broader digital asset market.
Ethereum led the move among major tokens, jumping 7.7% in the past day and 14.3% over the week to roughly $2,261, marking its strongest weekly performance in months. Solana also advanced sharply, gaining 5.6% in 24 hours and around 12% over the week to trade near $93.
Other large-cap cryptocurrencies joined the surge. Dogecoin rose 4.6% to reach $0.10 for the first time since early March, bringing its weekly increase to 10.6%. BNB added 3.8% to about $683, while XRP climbed 4.2% to around $1.47, extending its weekly gain to roughly 8.9%.
Part of the rally was driven by a wave of short liquidations in derivatives markets. Data from CoinGlass shows about $344 million in total liquidations over the past 24 hours across nearly 92,000 traders. Short positions accounted for roughly $284.9 million — about 83% of the total.
Short sellers in ether were hit hardest with $127.9 million liquidated, followed by bitcoin at $124.5 million and solana at $18.5 million. The largest single liquidation was a $6.94 million bitcoin position on Bitfinex.
The imbalance suggests the rally was partly fueled by bears being forced to close positions, though the breadth of gains across altcoins and the broader macro backdrop indicate the move was not solely a short squeeze.
Several geopolitical developments helped shift market sentiment. Donald Trump said the United States was engaged in talks with Iran, though Tehran denied requesting negotiations or a ceasefire. Meanwhile, Abbas Araghchi stated that the Strait of Hormuz was only closed to vessels belonging to “enemies,” softening earlier statements suggesting a full closure.
Two tankers carrying liquefied petroleum gas to India passed through the strait on Sunday, marking the first commercial transit since the conflict began.
Energy markets reacted to the shift in tone. Brent crude traded near $104 after previously climbing as high as $106.50 following the strikes on Kharg Island. West Texas Intermediate slipped below $100, while the U.S. dollar weakened around 0.3%.
Meanwhile, S&P 500 futures rose about 0.5%, positioning the index for its first daily gain in five sessions, and the MSCI World Index steadied after three consecutive days of declines.
For cryptocurrency markets, the combination of easing oil prices, a softer dollar and tentative signs of geopolitical de-escalation has improved the macro environment that had pressured risk assets since the conflict began.
Weekly performance highlights the shift in sentiment. While bitcoin’s roughly 9.7% gain is notable, stronger advances in altcoins suggest investors are becoming more willing to take on risk. Ether’s weekly rise exceeded bitcoin’s by roughly 4.6 percentage points, while solana outpaced it by about 2.3 points, indicating capital is rotating further along the risk curve.
Attention is now turning to the upcoming policy meeting of the Federal Reserve scheduled for March 17–18. Although oil prices remain elevated, signs that the Strait of Hormuz may be reopening could ease inflation concerns.
Investors will be closely watching the Fed’s updated projections and the press conference by Jerome Powell to see whether expectations for future rate cuts remain intact or face renewed uncertainty.
