Bitcoin price has moved back toward the $74,000 level after President Donald Trump said the U.S. Navy would lift its blockade of the Strait of Hormuz, easing immediate market concerns over shipping restrictions in one of the world’s key energy routes.
BTC traded near $73,900 to $74,000 after recovering from levels around $72,000. The move followed Trump’s statement that ships caught in the Strait of Hormuz could begin “heading home” as the blockade is lifted. He also said he was meeting in the White House Situation Room to make a final determination on a proposed Iran deal.
Trump said Iran must agree that it will never have a nuclear weapon and that shipping through the Strait of Hormuz must remain open in both directions without tolls. He also said any remaining mines in the strait would need to be removed or destroyed, while enriched material would be handled in coordination with Iran and the International Atomic Energy Agency.
Bitcoin Liquidations Add Fuel to BTC Rally
Bitcoin’s move higher was supported by short liquidations across crypto derivatives markets. CoinGlass data cited in market commentary showed BTC recorded $5.57 million in liquidations during the displayed period, the highest among listed assets on the board.
Across the wider crypto market, total liquidations over 24 hours reached $267.54 million. Short liquidations accounted for $136.74 million, slightly above long liquidations of $130.80 million. The data showed that traders betting against Bitcoin were forced out as price moved higher.
Source: Coinglass
The largest single liquidation was reported as an $11.98 million BTC order on Binance. Such forced buying can add momentum during sharp price rebounds, especially when leveraged short positions are closed as prices rise.
The rebound followed a classic risk-on move after geopolitical tensions showed signs of easing. Bitcoin often trades alongside broader risk assets during periods of major macro news, while crypto derivatives can amplify short-term price changes when leverage is high.
Donald Trump Says Iran Deal Awaits Final Decision
Donald Trump’s post also addressed the proposed U.S.-Iran agreement. He said some items had been agreed upon but added that “no money will be exchanged until further notice.” The comment came after reports said the proposed peace framework could include a $300 billion reconstruction fund for Iran, described as an international investment fund that the United States would help facilitate.
U.S. officials had earlier said negotiators reached an agreement on a 60-day extension of the ceasefire, though Trump had not yet approved the deal. The reported framework included discussions on Iran’s nuclear program, shipping through the Strait of Hormuz, sanctions relief, and the release of frozen Iranian funds.
Trump also said enriched uranium material in Iran would be unearthed in coordination with Tehran and the International Atomic Energy Agency and destroyed. However, Iranian state media have rejected Trump’s claim that Iran had agreed to give up and destroy its enriched uranium, while Iranian sources described parts of his announcement as a “mixture of truth and lies.”
The conflicting accounts left key parts of the proposed deal unresolved as Trump said he was meeting in the Situation Room to make a final decision. The Strait of Hormuz remains central to global oil and gas shipping, so any change in naval restrictions can affect wider risk sentiment, including crypto markets.
BTC Technical Levels Remain Key After $74,000 Move
Bitcoin is now testing the upper part of its short-term recovery range. On the daily BTC/USDT chart, price is trading near $73,700 to $74,000, below the key $75,000 resistance area.
A daily close above $75,000 would be the first confirmation that buyers have regained control of the near-term structure. If BTC breaks and holds above that level, the next upside targets sit near $78,921 and $81,453. A clean move beyond $81,453 could bring the $84,000 to $85,000 supply zone back into focus.
Source: X
Failure to reclaim $75,000 would leave Bitcoin exposed to another pullback. The first support area sits around $71,100 to $70,671. A break below $70,671 could weaken the rebound and open the path toward $69,900, $68,700, and the wider support zone near $66,318 to $65,816.
However, on-chain data is showing caution among larger holders. Whale balances, covering wallets with 1,000 to 10,000 BTC, have remained nearly flat since February 2026. Dolphin balances, covering 100 to 1,000 BTC, have posted lower highs since September 2025.
Concurrently, the long-term holder supply has reached a record 15.8 million BTC, but CryptoQuant has warned this may reflect limited coin movement rather than fresh demand. With Bitcoin price fears of dipping further, short-term holder supply has also dropped from 6.4 million BTC in December 2025 to about 4.2 million BTC.
