Bitcoin is staging another charge toward the $70,000 zone after a recent setback. The market-leading crypto was knocked back from this area and slid to about $66,000 on April 2, 2026, but has since recovered into the green across nearly all time frames. CoinGecko shows BTC up 3.2% in the past 24 hours and 2.4% over the week.
What’s driving the move? Short-term momentum appears boosted by a wave of short liquidations — CoinGlass reports roughly $104.22 million in BTC short positions were wiped out in the last 24 hours — which can accelerate rallies when leveraged traders are forced out of positions. At the same time, ongoing geopolitical headlines are adding volatility: renewed threats of military action from President Trump toward Iran have kept risk assets sensitive to news flow, and any genuine cooling of tensions could give Bitcoin further lift.
That said, resistance remains stubborn. Bitcoin has repeatedly failed to clear the $73,000–$74,000 band in recent months, and many analysts point to a structural hurdle there: the average cost basis for a large portion of BTC holders sits above that range, and order-flow/demand has been thin, creating a meaningful supply wall. Because of that, market watchers argue BTC needs to reclaim and hold $75,000 to convince wider markets that a sustained, market-wide breakout is underway.
Short-term outlook: the liquidation-driven bounce gives bulls breathing room, but the rally’s durability is uncertain. Another rejection in the $73k–$74k area is plausible unless buying pressure steps up and macro/geopolitical noise eases. Traders will be watching order flows around $75,000 as the key inflection point for broader upside.
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