Bitcoin pushed back above $80,000 for the first time since late January, as traders reacted to a mix of geopolitical relief, steady ETF demand and a moderate short squeeze across crypto derivatives markets.
BTC traded near $80,000 after touching an intraday high of $80,529, reaching its highest level since January 31. The break matters because $80,000 had become the market’s nearest psychological ceiling after weeks of recovery from deeper Q1 stress.
Why Is The Bitcoin Price Up Today?The message landed in a market already sensitive to any shift in the Hormuz standoff. The initiative is scheduled to begin Monday and could involve guided-missile destroyers, more than 100 aircraft and 15,000 service members, while Iran denounced the plan as a possible ceasefire violation. “They are victims of circumstance,” Trump wrote of the stranded crews. Any interference, he added, would “have to be dealt with forcefully.”
Derivatives positioning then amplified the move. CoinGlass data shows $356.55 million in total crypto liquidations over 24 hours, including $303.88 million in short liquidations against $52.66 million in longs. Bitcoin accounted for the largest liquidation block in the heatmap at $170.69 million, followed by Ethereum at $91.60 million. That is consistent with a moderate short squeeze: bearish positions were forced to buy back into a rising market, adding mechanical demand just as BTC cleared the $80,000 area.
At press time, BTC traded at $79,865.
