TLDR
- Bitcoin hit a four-week high near $75,000 before pulling back to around $74,290
- Around $530 million in crypto liquidations were triggered, with 80% from short positions
- Hopes of a US-Iran deal are being credited as the main driver behind the rally
- Bitcoin ETFs attracted $833 million in net inflows last week
- Whale wallets added 30,000 BTC in March, worth roughly $2.1 billion
Bitcoin has made significant strides recently, breaking through the formidable $73,000 resistance level on Monday, a level it had struggled to overcome on three previous occasions over the past eight days. The cryptocurrency peaked at $74,484, marking its highest value since the onset of the Iran conflict in late February.
This impressive surge triggered about $534 million in liquidations across approximately 180,000 traders, with about $430 million stemming from short positions. This short squeeze marks the second major occurrence within a week, highlighting the volatile nature of current trading environments.
The broader crypto market celebrated alongside Bitcoin, with Ether outperforming by climbing 7.7% to hit $2,366 — its highest level in nearly ten weeks. Other top cryptocurrencies also showcased gains, with Solana increasing by 4.6% and BNB by 3.3%, as all top-10 assets recorded positive movements on both daily and weekly charts.
The largest liquidation recorded was a staggering $12.4 million BTC-USDT short, illustrating the intense trading activity surrounding these fluctuations. Out of the total liquidations, Bitcoin was responsible for $229 million, with Ether following at $136 million.
The market rally has been largely attributed to signals from President Trump indicating a possible resumption of talks with Iran. On the ground, the U.S. military has initiated a blockade of the Strait of Hormuz; however, the market perceives this move as a strategic pressure tactic rather than an escalation toward conflict.
Jeff Mei, COO at BTSE, articulated that traders are seeing a positive shift, believing that negotiations between the U.S. and Iran are nearing a resolution. This sentiment is driving the stock and crypto markets alike as a reaction to the evolving political climate.
The S&P 500 has fully recovered from its previous losses associated with the Iran conflict, and the MSCI All Country World Index has noted eight consecutive days of gains, further reflecting overall market optimism.
ETF Inflows and Whale Accumulation
In a further sign of market resilience, Bitcoin ETFs drew in $833 million in net inflows last week. Analysts, including James Butterfill from CoinShares, attribute this surge to a renewed risk appetite among investors, likely spurred by recent ceasefire efforts regarding Iran, combined with more favorable-than-expected U.S. spending and CPI data.
On-chain analytics from Santiment reveal that whale wallets, defined as holdings between 1,000 and 10,000 BTC, accumulated an impressive 30,000 BTC in March alone, translating to about $2.1 billion. Notably, a substantial portion of this, around 20,000 BTC, was added within a single day.
Further insights suggest these whale wallets now command over 4.25 million BTC, amounting to 21.3% of the total supply — the highest concentration in this segment since mid-February.
Whales holding between 1K-10K Bitcoin now hold over 4.25M $BTC (21.3% of the supply). This is the most coins they've held since mid-February. The 27,652 BTC added Sunday equates to just over $2B in accumulation. Bitcoin has enjoyed a rebound back to $72.6K today. pic.twitter.com/r0ygTVaGUM
— Santiment (@santimentfeed) April 13, 2026
What Analysts Are Watching Next
Trading firm Valerius Labs expressed caution, noting that while the current movements appear promising, they caution that this isn’t a breakout, but rather a short squeeze battling against significant overhead supply. They suggest that real buying interest is likely to manifest above the 200 Simple Moving Average.
Meanwhile, CryptoQuant analysts have identified the next crucial resistance level near $79,000, dubbed the Traders’ Realized Price, as the point at which recent buyers may seek to take profit.
The four-hour RSI has been climbing steadily to 62, surpassing its 14-period average, indicating a potential acceleration in upward momentum. Traders will be keeping a close eye on the upcoming ceasefire expiration and discussions aimed at fostering peace between the U.S. and Iran, as these developments will likely influence market sentiment in the coming days.
