Bitcoin briefly pushed above the $74,000 resistance level on Monday — a threshold that had capped gains several times over the past two weeks — before easing slightly below it.
The largest cryptocurrency was trading near $74,000 in Monday morning trading, up roughly 2.9% over the past 24 hours and about 9.7% over the past week. The broader crypto market also moved higher alongside bitcoin.
Ethereum led gains among major tokens, rising 7.7% in the past day and 14.3% over the week to about $2,261, marking its strongest weekly advance in months. Solana followed with a 5.6% daily increase and a roughly 12% weekly gain to around $93.
Other large-cap tokens also posted solid gains. Dogecoin climbed 4.6% to reach $0.10 for the first time since early March, bringing its weekly rise to 10.6%. BNB gained 3.8% to about $683, extending its weekly advance to 9.5%, while XRP rose 4.2% to $1.47, up 8.9% over the past seven days.
Part of the move higher was driven by a wave of liquidations in the derivatives market. According to data from CoinGlass, around $344 million worth of positions were liquidated over the past 24 hours across nearly 92,000 traders. Short positions accounted for roughly $284.9 million, or about 83% of the total.
Short sellers in ether were hit hardest, with about $127.9 million in liquidations, followed by bitcoin at $124.5 million and solana at $18.5 million. The largest single liquidation was a $6.94 million BTC position on Bitfinex.
The imbalance suggests that forced short covering helped fuel the rally, although the strength across multiple altcoins and the macro backdrop point to broader buying interest.
Several geopolitical developments helped shift market sentiment. Donald Trump said the United States was engaged in talks with Iran, though Tehran denied requesting negotiations or a ceasefire. Meanwhile, Abbas Araghchi said the Strait of Hormuz was only closed to vessels from “enemy” nations, a softer stance compared with earlier statements suggesting a full closure.
Two tankers carrying liquefied petroleum gas to India also passed through the strait on Sunday, marking the first commercial transit since the conflict began.
Energy markets reflected the shift in tone. Brent crude traded near $104 after earlier climbing to around $106.50 following strikes on Kharg Island, while West Texas Intermediate slipped below $100. The U.S. dollar weakened about 0.3%.
Meanwhile, S&P 500 futures rose roughly 0.5%, putting the index on track for its first daily gain in five sessions, while the MSCI World Index steadied after three days of declines.
For crypto markets, easing oil prices, a weaker dollar and signs of potential de-escalation have helped improve the macro environment that had pressured risk assets since the conflict began.
Weekly performance highlights the change in sentiment. Bitcoin’s roughly 9.7% weekly gain is notable, but stronger advances in altcoins suggest investors are beginning to move further out along the risk curve. Ether’s weekly rise outpaced bitcoin by about 4.6 percentage points, while solana exceeded it by roughly 2.3 points.
Attention is now turning to the upcoming policy meeting of the Federal Reserve scheduled for March 17–18. Although oil prices remain elevated, signs that the Strait of Hormuz may be reopening could alter the inflation outlook.
Investors will closely watch the Fed’s updated projections and comments from Jerome Powell to determine whether expectations for future interest-rate cuts remain intact.
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