Bitcoin Surpasses $75,000 as $540M in Shorts Liquidated Following Ceasefire

Bitcoin price recorded a 5.7% gain over the past 24 hours, reaching $74,679 and nearing the psychological $75,000 threshold. This rally was accompanied by a surge in total liquidations across the crypto derivatives market, which have now risen to $540 million following a de-escalation in geopolitical tensions. The bullish momentum has extended to the altcoin market, with significant gains observed in assets such as XRP, Solana, and HYPE. Despite the massive scale of liquidations, on-chain data suggests that a portion of short sellers remains in the market, maintaining the potential for a secondary short squeeze. Investors are now focused on whether Bitcoin can consolidate near these highs as risk appetite continues to surge across digital asset markets.