The price of Bitcoin ($BTC ) surged again on Tuesday morning (17/03), after rising about 4.03 percent in the last 24 hours, reaching US$76,000.

The increase was triggered by a change in global sentiment towards risky assets after tensions in the Middle East eased. Concerns over the important oil route in the Strait of Hormuz decreased, causing oil prices to weaken and financial markets to regain enthusiasm.

The movement of Bitcoin was also driven by the liquidation of short positions in the derivatives market, triggering a short squeeze. Additionally, the price managed to break through the 50-day moving average around US$70,000, which had previously been an important technical level.

Analysts note that Bitcoin now has a correlation of about 53 percent with the S&P 500, making its movements sensitive to macro factors. On the other hand, the Federal Reserve's interest rate decision (The Fed) on March 18 is also said to be a trigger.

-# Source of the image: Crypto Academy 2026