Bitcoin has surged past $75,000, delivering its highest price since late May and extending a powerful rally that began below the $60,000 mark.
Momentum accelerates for Bitcoin and altcoins
The pace of Bitcoin’s latest advance has quickened this week, as the world’s largest cryptocurrency climbed approximately 20% in just four days. Bitcoin’s gains have outperformed Ethereum and Solana over the past 24 hours, further strengthening its recent uptrend.
Popular trader DonAlt responded to the price action by emphasizing Bitcoin’s technical rebound from key support levels.
He indicated that the major support area held firm, fueling the strong recovery. DonAlt also identified $82,000 as an important resistance threshold, with $95,000 marking what he considered the first significant barrier for Bitcoin’s next leg higher.
ETH
SOL
BSC
ROBINHOOD
USDT
AAPLWhile he acknowledged the positive reaction, DonAlt refrained from calling a definitive bottom, pointing out that a bullish trap remains a possibility if price fails to sustain above these levels.
Technical shifts and market sentiment
Weiss Crypto noted that Bitcoin recently broke above a long-term downtrend line after consolidating for nine days around this technical marker. This shift has helped to support ongoing optimism in the digital asset space.
Market sentiment has improved sharply in tandem with the price rally. The Bitcoin Fear and Greed Index moved decisively into the greed territory, recording a reading of 72. Despite this optimism, Bitcoin still trades about 40% below its all-time peak.
DonAlt argued that the latest low could mark the bottom for the current market cycle, though he remains cautious and does not completely dismiss the potential for a false bullish breakout.
Short squeezes and high-stakes options expiry
A series of robust short squeezes have driven the rapid shift in market psychology. Data from U.Today showed that over $3 billion worth of bearish positions were liquidated as Bitcoin broke higher, underscoring the intensity of the move.
These liquidations have come just before a major options expiry event. Coinbase Markets reported that Friday’s expiry for BTC and ETH options involves $2.01 billion in notional open interest. Of that, Bitcoin accounts for approximately $1.67 billion, with a max-pain price set at $66,000. Ethereum’s share stands at $345 million, with a max-pain level around $1,960.
With significant technical levels in play and market participants closely monitoring breakout patterns and resistance zones, the importance of efficient, transparent asset exposure is becoming increasingly evident. While traditional brokers utilize complex intermediaries, a major transformation is underway as financial giants transition towards Web3. Investors are now accessing shares of leading US companies, gold, and silver directly within their crypto wallets via platforms such as 1stepSwap. By enabling the tokenization of Real-World Assets and rapidly sourcing optimal market prices, this approach efficiently removes unnecessary middlemen.
