Bitcoin and Altcoin Movements in Recent Market Trends
Bitcoin recently surged past the $74,000 resistance level that it had faced several times in just two weeks, although it eventually fell back under that mark.
As of Monday morning, Bitcoin was trading slightly above $74,000, reflecting a 2.9% increase over the last 24 hours and a 9.7% rise for the week. Meanwhile, Ether climbed by 7.7% in a day and 14.3% for the week, reaching $2,261—its best weekly performance in quite some time. Solana also saw a boost, gaining 5.6% on the day and 12% for the week, hitting $93.
Dogecoin achieved $0.10 for the first time since early March, rising 4.6% in the past day and 10.6% on a weekly level. BNB experienced a 3.8% increase to $683, marking a 9.5% gain for the week, while XRP went up by 4.2% to $1.47, also reflecting an 8.9% rise over seven days.
This upward movement was prompted by a short squeeze. According to data from CoinGlass, liquidations totaled $344 million across 91,978 traders in just 24 hours, with short positions pushing $284.9 million—around 83% of the total. Ether shorts faced the most impact, totaling $127.9 million, followed closely by Bitcoin at $124.5 million and Solana at $18.5 million.
The largest single liquidation recorded was a $6.94 million Bitcoin position on Bitfinex. The notably skewed ratios indicate that the forced exit of bearish positions played a role in the recent bullish momentum, but broader participation across altcoins and the overall macro environment suggest additional factors at play.
The catalyst behind these movements appears to be multiple developments. President Trump indicated discussions between the United States and Iran, although Iran promptly denied reports of seeking dialogue. The Foreign Minister of Iran, Abbas Araghchi, confirmed that the Strait of Hormuz was closed only to “enemy” vessels, signaling a less restrictive stance compared to earlier total closures.
On Sunday, two tankers carrying liquefied petroleum gas to India passed through the Strait, marking the first commercial shipments since the war began.
The oil market seemed to reflect these shifting sentiments. Brent crude was around $104 after a brief spike to $106.50 following the attack on Kharg Island, but it dipped after news broke of the changing dynamics. WTI prices fell below $100. The dollar weakened by 0.3%, while S&P 500 futures saw a 0.5% increase, indicating the first rise in five days. The MSCI global stock index stabilized after a series of declines.
For cryptocurrencies, factors like lower oil prices, a weakening dollar, and hints of reduced geopolitical tensions create a favorable environment, easing the liquidity pressures that have weighed heavily on risk assets since the onset of the war.
This weekly performance is notably strong, with Bitcoin’s 9.7% rise signaling renewed risk appetite. Interestingly, Ether outperformed Bitcoin by 4.6 points, and Solana by 2.3 points, suggesting that investments are shifting towards riskier assets rather than clinging to Bitcoin.
The circumstances surrounding the Federal Reserve’s March 17-18 meeting are markedly different from what they were just a week ago.
While oil prices continue to rise, signs indicate a potential reopening of the Strait of Hormuz, which could alter inflation concerns. The outcomes of the dot plot and Chairman Powell’s upcoming press conference will be crucial in determining whether market hopes for a rate cut remain intact or are removed entirely.
