Bitcoin (BTC) Price: Hits 6-Week High Above $74,000 as Short Liquidations Fuel Rally

TLDR

• Bitcoin climbed above $74,000 on Monday, its highest price in six weeks
• Short liquidations of around $344 million drove the move, with 83% being shorts
• Spot Bitcoin ETFs saw $767.3 million in net inflows across all five trading days last week
• Analysts point to $73,000–$74,000 as key resistance, with $80,000 possible if inflows continue
• Strategy recently purchased 17,994 BTC, adding to institutional buying pressure

Bitcoin hit a six-week high on Monday, crossing $74,000 for the first time since early February. The world’s largest cryptocurrency traded at $73,892 as of early Monday morning, up 3.4% on the day.

The move came after a strong week for crypto. Bitcoin gained 6% last week, even as global stock markets fell due to rising oil prices.

The price jump happened despite ongoing geopolitical tension in the Middle East, now in its third week. U.S. President Donald Trump has called on allies to help secure the Strait of Hormuz, a key oil shipping route.

Crude oil was trading around $98 per barrel, keeping inflation fears elevated across global markets.

Short Squeeze Drives the Move

A wave of short liquidations helped push prices higher. Data from CoinGlass showed roughly $344 million in total crypto liquidations in the past 24 hours. Short liquidations made up about 83% of that total.

When leveraged traders bet on falling prices and are forced to close their positions, it creates buying pressure that can amplify price moves quickly.

Ethereum gained 4.7%, XRP rose 3%, and Solana climbed 4.8% over the same period.

ETF Inflows Add Fuel

Spot Bitcoin ETFs recorded net inflows on all five trading days last week, totaling $767.3 million. This marked three straight weeks of net inflows into Bitcoin ETFs.

Spot Ethereum ETFs also saw a modest weekly net inflow of $160.8 million.

Analysts at Bitrue said the price move reflects strong ETF demand combined with institutional and whale accumulation following the April 2024 halving.

Strategy, the corporate Bitcoin buyer formerly known as MicroStrategy, recently purchased 17,994 BTC. Presto Research associate Min Jung said traders will continue to watch whether large buyers like Strategy keep accumulating.

Bitcoin’s $70,000–$71,000 range is seen as key support this week. The $73,000–$74,000 zone is a resistance level that, if broken, analysts say could push prices toward $80,000.

Zeus Research analyst Dominick John said a clean break above $75,000 could open the door for a stronger move higher.

Bitrue’s Adziima noted that sustained momentum and continued ETF inflows would be needed to confirm any longer upward trend.

Bitcoin last traded at $73,892, up 3.4% on the day, with an intraday high of $74,336.

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