๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐๐๐๐ ๐ง๐ฒ๐๐๐ฒ๐ฑ $74K โ ๐๐๐ ๐ง๐ต๐ฒ ๐ฅ๐ฒ๐ฎ๐น ๐ฆ๐๐ผ๐ฟ๐ ๐๐ ๐๐ถ๐ด๐ด๐ฒ๐ฟ
Bitcoin briefly broke above the $74,000 resistance that had rejected price four times in the last two weeks.
But the move didnโt last long.
Price quickly pulled back after the breakout attempt.
What actually fueled this rally?
A massive short squeeze.
In the last 24 hours:
โข $344M liquidations across the market
โข $284M were short positions
โข Nearly 83% of traders liquidated were bears
The biggest hit was a $6.94M BTC liquidation on Bitfinex.
And it wasnโt just Bitcoin moving.
Altcoins joined the rally:
โข ETH +7.7%
โข SOL +5.6%
โข DOGE back above $0.10
โข BNB +3.8%
โข XRP +4.2%
But the real driver may be macro changes.
Oil started falling after signals that the Strait of Hormuz could reopen, while the U.S. dollar weakened and global markets stabilized.
That combination usually unlocks liquidity for risk assets like crypto.
And the timing is interestingโฆ
The Fed meeting on March 17-18 is now the next major catalyst.
If the macro pressure continues easing, this rally might be more than just a short squeeze.
It could be the beginning of a broader risk-on move.