Bitcoin has recovered to $77,285 after holding above the $75,000 level, demonstrating resilience following recent geopolitical developments. The cryptocurrency market is experiencing renewed optimism as Coinbase Premium turned positive again as institutions began buying BTC aggressively. According to latest reports, Bitcoin was trading in the $76,000 to $78,000 range in the days leading up to the February 5 crash, when its price retreated to $60,000. Technical analysts argue that sustaining a breakout above $77,000 could open the path toward a more substantial recovery, with the current rally above range highs resulting in substantial liquidations across leveraged positions.
Nearly $826 million was wiped from the futures market over the past 24 hours as Bitcoin rallied above $78,000. According to CoinGlass data, more than $660 million in short positions were liquidated, with Bitcoin accounting for $353 million of that total. Ether (ETH) followed with $160 million in short liquidations, while the single biggest liquidation occurred on Hyperliquid where a $15.75 million BTC-USDT short position was closed. Large clusters of short liquidations typically amplify asset rallies, with data showing a 13% rise in Bitcoin's aggregate futures open interest over the last 24 hours, suggesting greater leverage and market participation on the bullish side. Recent analysis suggests that if BTC breaks through $80,010, the cumulative short liquidation intensity on mainstream CEX will reach $2.092 billion, while if BTC falls below $72,410, the cumulative long liquidation intensity will reach $1.562 billion.
Peter Schiff has strongly criticized Michael Saylor's Bitcoin accumulation strategy, warning of potential legal action over the structure of Strategy's STRC perpetual preferred stock. Schiff called the stock 'misleading' and potentially fraudulent, stating that investors could face lawsuits if dividends are ever cut or the stock price falls. As reported by Coinpedia, Schiff warned that 'It's so misleading to constitute fraud. Get ready for the lawsuits when the dividends are cancelled and the stock craters.' The STRC stock offers an 11.5% annual yield and is designed to stay near $100, but Schiff cautioned that investors may face heavy losses if payouts fail during market downturns. Despite the criticism, Saylor has shown zero interest in changing course, with his company recently using STRC-raised capital to purchase another 23,934 BTC worth $1.76 billion, pushing total Bitcoin holdings to 780,897 BTC valued at nearly $59 billion.
The Securities and Exchange Commission convened its CLARITY Act roundtable on April 16 to define which agency oversees digital assets, marking a significant step toward removing regulatory uncertainty that has held back institutional flows. According to KuCoin via CoinMarketCap, this regulatory clarity has intensified the hunt for the best crypto to buy now as institutional desks rotate into early entries before the next leg up. Analyst Ted Pillows points to a possible push toward $76K provided the $70K floor stays intact, suggesting institutional confidence in the regulatory framework. The CLARITY Act discussion has set a path for digital asset oversight that could unlock significant institutional capital flows into the cryptocurrency market.
Iran has announced the complete reopening of the Strait of Hormuz during the ceasefire period, marking a significant shift from previous closures that had contributed to market uncertainty. Iran's Foreign Minister Abbas Araghchi announced that, in line with the ceasefire in Lebanon, the Strait of Hormuz has been declared completely open to all commercial vessels for the remainder of the truce period. According to Araghchi, maritime traffic through the strategic chokepoint will resume via coordinated routes already established by the Ports and Maritime Organisation of Iran. As investors focus on the ceasefire and negotiations for a broader agreement, the dollar index DXY has fallen 0.5% intraday to its lowest level since February 27, erasing all gains since the outbreak of the U.S.-Iran war. Jayati Baladwaj, head of foreign exchange strategy at TD Securities, stated that "Safe-haven buying has begun to fade. That is the reason for the dollar's decline."
