Key Highlights
- Bitcoin rocketed approximately $1,800 in just 30 minutes, climbing from around $72,500 to a 40-day high of $74,300, as captured in Binance candlestick data, with the move fueled by heavy short covering.
- The rapid rally liquidated over $113 million in short positions within the hour, accelerating the upside as forced buys piled into the momentum and created a classic squeeze dynamic.
- The spike unfolded against escalating US-Iran tensions, including President Donald Trump’s push for a multinational “Hormuz Coalition” and potential military action on Iran’s Kharg Island oil terminal, driving risk-on flows into crypto as the market added over $320 billion in value since late February despite global uncertainty.
Bitcoin blasted higher Monday, surging roughly $1,800 in a frantic 30-minute window to hit $74,300, marking its strongest level in more than a month. Coinciding the spike, the broader cryptocurrency market shrugged off global turmoil and piled on value.
The sharp move came amid heavy short positioning and triggered $113 million in liquidations of bearish bets within the hour, adding to the total liquidation of nearly $285 million in the past 24 hours, according to data from tracking platform Coinglass.
Shorts bore the brunt, with forced buybacks accelerating the cascade as prices ripped from around $72,500. Bitcoin trading volume spiked sharply during the window, underscoring the leverage-fueled frenzy.
At the time of publishing, Bitcoin was trading near $73,850—up 3.17% in the past 24 hours—as per CoinMarketCap data.
The rally fits a broader pattern since the U.S.-Iran conflict erupted February 28 with American and Israeli strikes. Rather than buckling under war-driven risk aversion, which has hammered stocks and sent oil soaring, crypto has outperformed.
The total digital asset market cap has swelled more than $320 billion since late February, with Bitcoin alone posting double-digit gains while gold managed only modest upticks. Traders point to a classic “risk-on” rotation: as traditional safe havens falter or underperform, capital has poured into high-beta assets like cryptocurrencies.
Latest catalyst behind the price push
One of the potential catalysts behind the latest price spike is the U.S. President Donald Trump pushing to form a multinational “Hormuz Coalition” to break Iran’s blockade of the Strait of Hormuz. Trump is even weighing a U.S. military seizure of Kharg Island, Iran’s main oil export terminal handling about 90% of its crude shipments.
Axios reported Trump has been making calls to allies including Britain, Japan, and others, demanding they help secure tanker routes as oil prices climb on supply fears. Escalation threats—including further strikes on Kharg military sites—have rattled energy markets, but paradoxically boosted appetite for non-correlated assets like Bitcoin, which some investors now view as a hedge against fiat instability and inflation tied to oil shocks.
Fundamentally, the move aligns with continued inflows into U.S. spot Bitcoin ETFs and broader optimism around pending crypto legislation ahead of the Monday market opening. Though geopolitical headlines remain the dominant driver. Bitcoin’s relative strength stands out: while equities have erased trillions in value amid war jitters, BTC has climbed more than 16% from its post-strike lows.
Still, volatility cuts both ways. Some market spectators warn the pump could invite profit-taking or a reversal if escalation fears subside or if leveraged longs get caught.
Also read: SEC Drops Fraud Lawsuit Against BitClout Founder Nader Al-Naji
