The cryptocurrency market staged a strong rebound over the past 24 hours, led by Bitcoin (BTC), which has since reclaimed the $71,000 level after sessions of consolidation.
As of press time, the market cap stood at $2.44 trillion, an increase of about $100 billion from the $2.34 trillion recorded 24 hours ago.
Leading the gains, Bitcoin climbed about 4.05% to trade near $71,545, reclaiming key psychological levels above $70,000 after briefly dipping below $68,000 in prior sessions.
Ethereum (ETH) followed with a 4.97% advance to around $2,181, while XRP rose 3.53% to $1.45. BNB also posted gains of roughly 2.70%, trading near $647.
Why crypto market is rallying
A key catalyst behind the rally came from easing geopolitical tensions after reports indicated that President Donald Trump delayed potential military escalation involving Iran. The development reduced immediate market uncertainty, pushing oil prices lower and improving risk appetite across global markets, including cryptocurrencies.
At the same time, market structure played a significant role in accelerating gains. Following recent declines, bearish positioning had built up across derivatives markets, with negative funding rates signaling heavy short exposure.
As prices began to rise, a wave of short liquidations triggered a squeeze, amplifying upward momentum. Bitcoin’s clean breakout above the $70,000 and $71,000 resistance zone further reinforced bullish sentiment and opened the path toward higher levels.
At the same time, corporate accumulation also remains in play, with Strategy (NASDAQ: MSTR) announcing on Monday that it added over 1,000 BTC to its holdings, signaling continued confidence in Bitcoin as a long-term asset.
Broader macro and regulatory dynamics are also contributing to the improved outlook. Optimism around potential U.S. regulatory clarity, alongside stabilizing equity markets and a softer dollar environment, has supported a rotation back into risk assets, with Bitcoin increasingly acting as a “digital gold” proxy.
Bitcoin’s next price target
Despite the positive momentum, key technical levels remain in focus. In this line, Bitcoin is now holding above the critical $70,000 support zone, with immediate resistance seen between $72,000 and $74,000.
A sustained breakout above this range could open the door to a move toward $75,000 or higher, while a reversal below $70,000 may signal a retest of the $68,000–$69,000 range.
