Bitcoin Briefly Surges Past $74,000 as Ether, Solana and Cardano Jump Up to 6%

Bitcoin briefly pushed above the $74,000 resistance level on Monday after repeatedly failing to break through it over the past two weeks, though the move quickly pulled back below that mark.

The largest cryptocurrency was trading just above $74,000 during Monday morning hours, gaining about 2.9% over the past 24 hours and nearly 9.7% over the past week. The broader crypto market also rallied sharply.

Ethereum jumped 7.7% in the past day and 14.3% over the week to about $2,261, marking its strongest weekly performance in months. Solana climbed 5.6% on the day and roughly 12% over the week to around $93.

Other major tokens followed the move higher. Dogecoin reached $0.10 for the first time since early March, rising 4.6% in 24 hours and 10.6% over the week. BNB gained 3.8% to about $683, bringing its weekly advance to 9.5%. Meanwhile, XRP climbed 4.2% to $1.47, up 8.9% over the past seven days.

Part of the rally appears to have been driven by a short squeeze. Data from CoinGlass shows roughly $344 million in liquidations across 91,978 traders over the past 24 hours, with short positions accounting for about $284.9 million, or nearly 83% of the total.

Short sellers in ether were hit the hardest, with about $127.9 million liquidated, 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 the rally was partly fueled by bearish traders being forced out of positions. However, the broad participation across altcoins and the macro backdrop indicate the move was not solely driven by short covering.

The shift in market tone came alongside several geopolitical developments. Donald Trump said the United States was in discussions with Iran, though Tehran denied requesting talks or a ceasefire. At the same time, Abbas Araghchi stated that the Strait of Hormuz was only closed to vessels belonging to “enemies,” a softer stance compared with the earlier blanket closure.

Two tankers carrying liquefied petroleum gas to India passed through the strait on Sunday, marking the first commercial transit since the conflict began.

Energy markets reflected the shift in sentiment. Brent crude traded around $104 after earlier climbing as high as $106.50 following the strikes on Kharg Island, while West Texas Intermediate slipped below $100. The U.S. dollar weakened about 0.3%, while S&P 500 futures gained roughly 0.5%, positioning the index for its first rise in five sessions. Meanwhile, MSCI World Index stabilized after three consecutive days of losses.

For crypto markets, the combination of easing oil prices, a weaker dollar and even tentative signs of de-escalation helped improve liquidity conditions that had weighed on risk assets since the conflict began.

Weekly performance underscores the shift in sentiment. While bitcoin’s roughly 9.7% weekly gain is notable, stronger advances in altcoins suggest investors are becoming more willing to take on risk. Ether’s weekly gain exceeded bitcoin’s by about 4.6 percentage points, while solana outpaced it by roughly 2.3 points, indicating capital is moving further along the risk spectrum.

Attention now turns to the upcoming 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 inflation expectations. Investors will be closely watching the Fed’s updated rate projections and the press conference by Jerome Powell for clues on whether markets’ expectations for future rate cuts remain intact or face a reset.