Author：Encryption Tracker

Bitcoin surged early Monday, climbing above $69,000 and triggering a wave of liquidations across crypto derivatives markets. 

Specifically, according to CoinGecko, Bitcoin climbed 3.4% to reach $69,134 in early trading. This advance marks another attempt to reclaim the $70,000 level, which the asset has struggled to break since early February 2026.

Key Points

• Bitcoin rose 3.4% to $69,134, briefly pushing back toward the $70,000 resistance level.
• Crypto derivatives liquidations totaled $212.62 million over the past 12 hours, with short positions accounting for $188.18 million of the losses.
• Over 24 hours, $276.45 million in liquidations hit 80,202 traders across leveraged positions.
• Short positioning remains heavily concentrated, with over $6 billion at risk near the $72,500 level.
• Long liquidity is clustered near $65,000, creating a two-sided liquidation risk structure.

Short Sellers Hit Hard as Liquidations Surge

As prices rose, leveraged traders were forced to unwind positions rapidly. Data from CoinGlass shows that $212.62 million in positions were liquidated over the past 12 hours.

Notably, short positions accounted for $188.18 million of that total, indicating that bearish traders were largely caught off guard. In comparison, long liquidations remained limited at $24.44 million.

Extending the timeframe, total liquidations reached $276.45 million over 24 hours, affecting 80,202 traders. This sharp increase highlights how quickly sentiment can shift in leveraged markets.

Market Positioning Signals Mixed Sentiment

Despite the recent upward move, broader positioning suggests caution still dominates. Data from CoinGlass indicates that short positions remain heavily concentrated across key price levels.

In particular, if Bitcoin rises to $72,500, more than $6 billion in short positions could be liquidated. On the other hand, around $2 billion in long positions are clustered near $65,000, creating a layered risk structure.

This imbalance has led some traders to anticipate further upside. In leveraged markets, price action often gravitates toward liquidity-heavy zones, raising the possibility of an extended short squeeze.

Geopolitical Developments Influence Risk Appetite

At the same time, macroeconomic and geopolitical factors continue to shape market behavior. A report by Fox News cited Donald Trump suggesting that a potential agreement with Iran could be reached soon.

However, Trump also warned that failure to secure a deal could lead to severe consequences, including possible control over Iran’s oil resources. In parallel, he urged Iran to reopen the Strait of Hormuz, emphasizing its importance to global trade.

Meanwhile, Iran has rejected temporary ceasefire proposals, maintaining that the strait will only reopen once compensation for war-related damages is addressed. The ongoing standoff continues to inject uncertainty into global markets.

Energy Shock Raises Inflation Concerns

These geopolitical tensions have already disrupted energy markets, amplifying economic risks. Since late February 2026, the situation has escalated into a de facto blockade of the Strait of Hormuz.

Consequently, West Texas Intermediate crude has surged to $115 per barrel, a four-year high, while U.S. gasoline prices have risen 38% since February 28.

Therefore, such increases in energy costs are intensifying inflation concerns, which in turn shape expectations for central bank policy.

Fed Policy Outlook Remains Unchanged

Given these pressures, expectations for monetary policy remain steady. According to the FedWatch Tool, there is a 99.5% likelihood that the Federal Reserve will keep interest rates unchanged at its next meeting on April 29, 2026.

In fact, persistent inflation risks, driven in part by rising energy costs, may limit the scope for near-term rate cuts. This outlook continues to weigh on broader financial markets, including crypto.

Bitcoin Faces Key Resistance Ahead

Against this backdrop, Bitcoin remains well below its all-time high of $126,080, recorded on October 6, 2025. The asset is currently trading about 45% lower than that peak.

Notably, since dropping below $70,000 on February 5, 2026, the asset has made multiple attempts to reclaim the level. The current rally marks its sixth test of this key resistance zone.

While short-term momentum has improved, market positioning and macro uncertainty suggest that the path forward may remain volatile.