Market risk appetite improved after Trump released new statements on the Strait of Hormuz and Iran. Bitcoin rebounded from around $72,000, returning to the $73,900 to $74,000 range during the session. Easing geopolitical tensions and short covering in derivatives jointly fueled this rally.
News from Hormuz triggered a rebound
Trump stated that ships stranded in the Strait of Hormuz could begin returning home and that the blockade would be lifted. He also said he was in the White House Situation Room making a final decision on a proposed Iran deal.
According to him, Iran needs to pledge not to possess nuclear weapons, the Strait of Hormuz must remain open for two-way shipping, and no tolls should be charged for passage. Trump also mentioned that any remaining mines in the strait need to be cleared or destroyed, and the handling of enriched materials will be coordinated with Iran and the International Atomic Energy Agency.
The Strait of Hormuz is a vital global shipping route for oil and gas. Any easing of related restrictions typically first impacts energy markets and risk aversion, subsequently spreading to riskier markets such as stocks and crypto assets.
Short selling amplifies price increases
In addition to macroeconomic news, short covering in the crypto derivatives market also amplified Bitcoin's rally. CoinGlass data shows that during the statistical period, Bitcoin liquidation amounted to approximately $5.57 million, ranking among the top major assets.
In the past 24 hours, the total liquidation amount in the crypto market was approximately $267.5 million, of which short liquidations amounted to approximately $136.7 million, slightly higher than the $130.8 million in long liquidations. As prices rose rapidly, leveraged positions betting on a Bitcoin decline were forced to close, further boosting buying pressure.
- The Bitcoin liquidation amounted to approximately $5.57 million.
- The entire market cleared approximately $267.5 million in 24 hours.
- Binance's largest single liquidation was approximately $11.98 million.
Disagreements remain regarding the Iran agreement.
Trump also stated that some aspects of the proposed US-Iran agreement have been agreed upon, but "there will be no transfer of funds until further notice." Previous reports indicated that the peace framework might include a $300 billion Iran reconstruction fund, to be facilitated by the United States.
However, Iranian state media denied Trump's claim that Iran had agreed to abandon and destroy its enriched uranium. Iranian sources stated that Trump's statement was a mix of truth and falsehood. This means that key aspects of the agreement are still not fully finalized.
Bitcoin approaches $75,000
After the price rebound, Bitcoin is once again approaching a key short-term level. The report mentions that the BTC/USDT daily price is currently trading around $73,700 to $74,000, still below the important resistance level of $75,000.
On-chain holdings data shows that large-scale holding addresses have not significantly increased their holdings recently. The balance of addresses holding 1,000 to 10,000 BTC has remained basically flat since February 2026; the balance of addresses holding 100 to 1,000 BTC has continued the earlier downward trend, indicating that large holders remain cautious despite the price rebound.
