1. Geopolitical Turning Point: From "End of Civilization" to Ceasefire

The main driver behind Bitcoin breaking through $71,000+ is the dramatic shift in statements regarding the US-Iran conflict.
Panic caused by the deadline: On April 7, President Trump issued a strict deadline—demanding Iran agree to terms before 8 p.m. Eastern Time and warning of severe consequences. As the market prepared for escalation, Bitcoin briefly dropped to around $67,000.
14-Day Breathing Room: Tensions eased after the announcement of a two-week ceasefire. The agreement includes the immediate reopening of the Strait of Hormuz under military management, which is a huge positive for the global energy markets.
Market Reaction: Bitcoin surged nearly 5% within minutes of the announcement, reaching a peak of about $72,750 during the day, then stabilizing around $71,000.
2. Mechanism: The Million "Short Nightmare"
This rebound was not just due to news but also liquidations. Traders betting on war-induced crashes got trapped.
Short squeeze: Over these positions in 60k leveraged shorts, more than that amount was liquidated within 24 hours.
Ratio: The number of short liquidations was nearly three times the long liquidations, creating a "forced buy-in" cycle that pushed Bitcoin through the $70,000 resistance level.
Capital inflow: Open interest (OI) on major exchanges for perpetual contracts increased by 5% to 10%, indicating that this was not just a squeeze—new funds are actually entering the market.
3. Institutional "Diamond Hands": MicroStrategy and Miners
While retail investors were panicking, "smart money" was busy bottom-fishing during the $60k retracement.
MicroStrategy ( corporate strategy: The company confirmed it added another 4,871 BTC at an average price of approximately ) million $276 average price ~$67,718$276 . Now, they hold a staggering 766,970 BTC.
Comparison with miners: Interestingly, miners like MARA and Riot have been selling their output. This indicates that, although institutional holders are "HODLing," those ensuring network operation are liquidating to cover operational costs in a high energy price environment—oil at $110 per barrel is not cheap, especially for mining rigs.
4. Technical "War Range"
Analysts currently refer to the $65,000 to $73,000 range as the "war zone." Here are the truly critical levels:
Bottom ($65,000): This is the "war floor." If ceasefire fails and the Strait of Hormuz is blocked again, we can expect a strong retest of this level.
Top ($73,000 - $75,000): Despite the pump, technically, BTC remains "trapped." Most analysts, including Willy Woo, believe that a sustained close above $75,000 is necessary to confirm that the bull market has officially restarted.