Bitcoin Price Climbs Toward $75,000 as US-Iran Strait of Hormuz Tensions Trigger Short Squeeze – Bitcoin News
The post Bitcoin Price Climbs Toward $75,000 as US-Iran Strait of Hormuz Tensions Trigger Short Squeeze – Bitcoin News appeared on BitcoinEthereumNews.com.
Key Takeaways: Bitcoin climbed toward $75,000 on April 13 after millions in short positions were liquidated within hours. U.S.-Iran Strait of Hormuz tensions drove traders back into BTC, testing the top of a two-month consolidation range. Analysts set $75,000 to $80,000 as near-term targets, but pre-April 15 tax selling and oil-driven inflation fears remain risks. BTC Tests 2-Month Consolidation High Near $75,000 The move played out quickly. Within hours of the blockade announcement, millions in short positions were liquidated as buyers stepped in at support near $70,000, accelerating the climb. Funding rates had turned negative in the days prior, a signal that short positioning had grown crowded heading into the weekend. Trump ordered the Strait of Hormuz closure after ceasefire talks between the U.S. and Iran collapsed over the weekend. The Strait is a critical passage for global oil shipments. The news initially pressured risk assets before traders shifted toward bitcoin and other hedges. Trump’s Monday Truth Social statement. The price action tested the upper boundary of bitcoin‘s two-month consolidation range, which has held roughly between $65,000 and $75,000 since February. The range represents a period of choppy trading that followed bitcoin’s all-time high above $126,000 in October 2025. BTC/USD 1-hour chart via Bitstamp on April 13, 2026. Spot bitcoin exchange-traded funds (ETFs) have also seen renewed inflows during March and April, providing some demand beneath the leverage-driven moves. Institutional buying through ETF vehicles has been, at least one reason, support near $68,000 to $70,000 has held across multiple retests. Broader macro conditions have complicated bitcoin’s path higher. Rising oil prices tied to Middle East tensions have reinforced inflation concerns, which could push back Federal Reserve rate cuts. Any easing of geopolitical pressure or shift in Fed expectations has tended to lift BTC within days. Bitcoin monthly returns via Coinglass…
Filed under: News - @ April 14, 2026 2:27 am