Bitcoin briefly breaks through $72,000, Ethereum approaches $2,100! The entire network experiences $420 million in liquidations as short positions are wiped out.

Bitcoin briefly broke through the $72,000 mark around 10:20 PM tonight, hitting a nearly one-month high. However, it quickly pulled back and is now fluctuating around $71,600, with a 24-hour increase of over 6%.

(Background recap: Don’t give up before dawn! K33 report: Bitcoin has entered an “extremely oversold zone,” and current selling is completely unreasonable.)

(Additional context: The community is spreading rumors that “Iranian warfire will cripple Bitcoin hash rate,” but analysts dismiss this: with less than 1% market share, it’s insignificant.)

The cryptocurrency market saw a strong rebound today (4th). Bitcoin briefly broke through the $72,000 level around 10:20 PM tonight, reaching a nearly one-month high. It then quickly retreated and is now trading around $71,600, with a 24-hour gain of over 6%.

Analysts point out that this rally was mainly driven by geopolitical tensions in the Middle East, with some funds viewing Bitcoin as a safe-haven asset, leading to inflows. Additionally, optimistic expectations surrounding the progress of the U.S. Clarity Act legislation have helped boost the overall crypto market. During the same period, Ethereum also performed well, approaching $2,100 at its peak. Currently, it hovers between $2,060 and $2,090, with a 24-hour increase of about 5-6%, lifting other altcoins generally higher.

However, market participants note that despite the short-term strong rebound of Bitcoin and Ethereum, overall volatility remains high due to geopolitical uncertainties. Investors should closely monitor the upcoming movements of the U.S. stock market and related macro news, as the crypto market may continue to experience high fluctuations in the short term.

$420 Million Liquidated Across the Market

Due to this rally, data from Coinglass shows that over the past 24 hours, a total of 118,439 traders were liquidated across the network, with a total liquidation amount of approximately $420 million. Among these, short positions suffered a bloodbath, with $284 million liquidated; long positions were liquidated for $136 million.