Bitcoin crossed the $74,000 mark Monday morning, clearing a resistance level it had failed to hold four separate times over the prior two weeks. The move came as geopolitical signals out of the Middle East shifted and a wave of short liquidations forced bears out of their positions.
According to CoinMarketCap, BTC was trading at $73,757, up 2.98% in 24 hours and 10% on the week, with a market cap sitting above $1.47 trillion. The push past $74,000 was brief, but its weight was felt across the entire market.
Altcoins Outrun Bitcoin on the Week
Ether posted the standout numbers. ETH surged 7.7% in a single day and 14.3% on the week to reach $2,261, the coin’s strongest weekly showing in months. Solana climbed 5.6% on the day and 12% over seven days to $93, while Dogecoin touched $0.10 for the first time since early March.
BNB added 3.8% to $683. XRP rose 4.2% to $1.47. The spread between ether and bitcoin’s weekly performance, 4.6 percentage points, points to capital moving down the risk curve rather than concentrating in BTC alone.
That kind of rotation carries a specific meaning. When altcoins outpace bitcoin by that margin, it signals a broader shift in risk appetite, not just a BTC-driven move.
$284 Million in Shorts Wiped Out
The rally had mechanics behind it. CoinGlass data shows $344 million in total liquidations across 91,978 traders in 24 hours. Short positions accounted for $284.9 million of that, roughly 83% of all forced exits.
Ether shorts took the heaviest hit at $127.9 million. Bitcoin shorts followed at $124.5 million, with solana shorts adding $18.5 million. The single largest liquidation was a $6.94 million BTC position on Bitfinex.
A squeeze alone does not explain what happened. The scale of altcoin participation and the macro backdrop behind it suggest the squeeze was a trigger, not the full story.
Strait of Hormuz Shifts the Macro Picture
The catalyst came from outside crypto. Trump said the U.S. was in talks with Iran, though Tehran denied initiating any ceasefire request. Iranian Foreign Minister Abbas Araghchi stated the Strait of Hormuz was only closed to ships from what he described as “enemies,” a clear step back from the blanket closure that had been in place.
Two tankers carrying liquefied petroleum gas sailed through the strait to India on Sunday. First commercial transit since the conflict started.
Oil reflected the shift. Brent crude pulled back to around $104 after touching $106.50 following the Kharg Island strikes. WTI dropped below $100. The dollar fell 0.3%. S&P 500 futures advanced 0.5%, on track for their first positive session in five days.
For crypto, easing oil prices combined with a softer dollar and even a partial Hormuz reopening loosens the conditions that had been suppressing risk assets since the war began.
Fed Meeting Arrives With New Context
Attention now turns to the Federal Reserve’s March 17-18 meeting. The dot plot and Fed Chair Jerome Powell’s press conference on Wednesday will determine how much room the market has to price in rate cuts.
A week ago, that meeting arrived under sustained inflation pressure from elevated energy costs. The Hormuz situation has changed the calculus, at least partially. Oil remains high, but the direction shifted. Whether Powell’s tone reflects that shift or sticks to caution will set the tone for what comes next in crypto and broader risk markets.