Bitcoin briefly broke above $74,000, its key resistance level, before pulling back slightly. The digital asset rose 2.9% in 24 hours and 9.7% for the week. Ether surged 7.7% to $2,261, its strongest weekly gain in months, while Solana climbed 5.6% to $93.
The rally was driven by a massive short squeeze: $344 million in liquidations over 24 hours, with 83% from shorts. Bitcoin’s largest single liquidation totaled $6.94 million on Bitfinex.
Global catalysts included two tankers passing through the Strait of Hormuz for the first time since war began, easing oil prices and weakening the dollar. Brent crude dropped to $104, WTI below $100, and S&P 500 futures rose 0.5%.
Altcoins outperformed Bitcoin, signaling renewed risk appetite. Ether beat BTC by 4.6 percentage points weekly, Solana by 2.3 points.
The Fed’s March 17-18 meeting now unfolds against a backdrop of de-escalation hopes and shifting inflation expectations.
