Haciyev Reşit 
A notable surge occurred in the cryptocurrency market over the weekend. Bitcoin rose by approximately 2.5% in the last 24 hours and began trading close to the $74,000 level. The leading cryptocurrency, which followed a volatile course during the day, regained upward momentum as investor interest increased. According to analysts, factors behind this rise include strong spot ETF inflows, short position liquidations, and Bitcoin increasingly being viewed as “digital gold” amid macroeconomic uncertainty. In particular, the return of institutional investors to the market through ETFs has significantly contributed to Bitcoin’s price recovery. Growing institutional demand and market liquidity appear to have triggered a short-term relief rally in the crypto market.
Bitcoin ETF Inflows Supported the Price
According to market data, Bitcoin experienced a volatile trading session throughout the day. The largest cryptocurrency climbed above $74,000 during the day. Analysts note that strong capital inflows into spot Bitcoin ETFs were particularly influential behind this rise. Over the past week, spot Bitcoin ETFs recorded a total net inflow of $767.3 million. During the same period, spot Ethereum ETFs also saw net inflows of $160.8 million. Bitrue Research Lead Andri Fauzan Adziima commented on the situation:
“Bitcoin climbed back toward the $73,000 level thanks to strong spot ETF inflows, a post-liquidation short squeeze, and institutional and whale accumulation in a reduced supply environment following the halving.”
Bitcoin’s rise occurred despite ongoing tensions between the United States and Iran and increasing geopolitical risks in global markets. Iranian officials stated they are prepared for a prolonged conflict, while rising tensions in the region also increased volatility in the oil market. In particular, the possibility of the Strait of Hormuz being closed pushed oil prices higher, with crude oil trading around $98 per barrel. Analysts note that in such uncertain environments, Bitcoin is increasingly being positioned as “digital gold.”
According to Adziima, the current rise may not yet mark the beginning of a confirmed bull rally:
“This move looks more like a solid relief bounce from the mid-$60,000 lows. However, if ETF inflows continue, targets above $80,000 for Bitcoin remain possible.”
Critical Support and Resistance Levels
Market analysts point to several key support and resistance levels when evaluating Bitcoin’s short-term price movements. After the recent rise, the levels at which the price holds or breaks through may determine the market’s direction.
- $70,000 – $71,000: Stands out as a strong support zone. Maintaining this level is considered important for the continuation of upward momentum.
- $73,000 – $74,000: Considered a key resistance zone that needs to be broken in the short term.
- Break above $75,000: According to analysts, a strong move above this level could pave the way for the start of a new upward trend.
Zeus Research analyst Dominick John notes that a clear breakout above the $75,000 level could trigger a stronger bullish movement in the market. If this level is surpassed, investors may begin to expect a more powerful upward trend.
Altcoins Also Posted Gains
Bitcoin’s rise created a positive atmosphere across the broader cryptocurrency market. As the leading cryptocurrency gained value, buying activity accelerated in the rest of the market and notable price increases were observed among major altcoins.
- Ethereum (ETH): rose to around $2,300
- Solana (SOL): reached approximately $94
- XRP: began trading around $1.50
This rise in the altcoin market indicates that investors are starting to show renewed risk appetite. Analysts note that strong price movements in Bitcoin often provide momentum for the altcoin market as well, supporting a broader recovery across the market.
Millions of Dollars in Liquidations
With the recent rise, significant liquidations also occurred in the crypto derivatives market. In the last 24 hours, positions worth a total of $340.98 million were liquidated.
Most of these liquidations came from short positions.
- Total liquidations: $342.05 million
- Short positions: $282.86 million
This suggests that the market’s upward movement was largely supported by a short squeeze.
Bitcoin approaching the $74,000 level signals a strong recovery driven by ETF inflows, institutional demand, and short liquidations. At a time when geopolitical uncertainties are increasing, Bitcoin once again standing out with the “digital gold” narrative could boost investor interest in the crypto market. Analysts state that if a breakout above $75,000 occurs, the $80,000 level could once again come into focus for Bitcoin.
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