The cryptocurrency market added $34 billion over the past 24 hours, bringing total capital to $2.57 trillion. Bitcoin reclaimed $77,500 as short sellers bore the brunt of forced liquidations across the sector.
The rebound coincides with a decline in US stocks, as capital appears to be turning towards digital assets as geopolitical risks keep traditional markets on edge. Monero led the privacy coin’s outperformance, while key price levels across the board will decide whether the rebound extends.
In the news today
- the The Standard & Poor’s 500 closed down 0.63%. 7,064.01 on April 21, as concerns over an extension of the US-Iran ceasefire and Vice President J.D. Vance’s trip to Pakistan weighed on the stock. Oil held near $98 per barrel amid fears of Strait of Hormuz disruption, prompting venture capitalists to turn to cryptocurrencies today.
- The strategy revealed that 34,164 BTC were purchased for $2.54 billion from April 13 to April 19, bringing total holdings to 815,061 BTC. The company has surpassed BlackRock’s iShares Bitcoin Trust (IBIT) with 802,824 BTC, making Strategy the largest holder of Bitcoin in the world and the largest company in the world. The first treasury to outperform the leading Bitcoin ETF.
- X has launched Custom Timelines, a Grok-powered feature that allows Premium iOS users to pin over 75 topics to their home feed. The tool follows Smart Cashtags, which recorded nearly $1 billion in trading volume within its first 48 hours, expanding its retail footprint Discover bars for cryptocurrency price data within the app.
The total cryptocurrency market cap clears $2.56 trillion of resistance
The total cryptocurrency market cap added $34 billion over the past 24 hours, a 1.31% move that brought the market to $2.57 trillion. The key development is the retracement above the 0.786 Fibonacci level at $2.56 trillion.
This level capped the previous attempt at recovery earlier this week. A daily close above $2.56 trillion today would boost the recovery and open the way towards $2.65 trillion.
Above $2.65 trillion, the 1.618 extension at $2.91 trillion becomes the next structural target. A rejection at $2.56 trillion would take the market back towards the 0.618 golden zone at $2.49 trillion, which remains the defining support for the current leg higher.
Over the past 24 hours, cryptocurrency liquidations totaled $386.13 million across 115,840 traders, according to CoinGlass. Short positions accounted for $249.36 million of the total, representing about 65% of all forced closures.
Bitcoin alone saw liquidations worth $167.08 million, followed by Ethereum with $93.50 million. The asymmetric damage on the short side suggests that bearish traders who braced for further decline in US-Iran tensions were caught in an offside position when cryptocurrencies held firm against weak equity sentiment. This forced covering amplified rather than created the overall bounce today, turning a modest rotation into a broader short squeeze.
Bitcoin price eyes $80,000 after channel defense
Bitcoin (BTC) trading. At $77,528, up 2.5% in the past 24 hours. The daily chart shows that Bitcoin has been moving within an ascending channel since March 4, with the March 29 low representing the last successful defense of the lower trend line.
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Judging by the channel touch, the current Fibonacci swing structure places the next critical level at $78,887. A daily close above this level would open the way to the 0.5 level at $80,486, putting Bitcoin price firmly on the $80,000 path.
A clear of $82,084 at 0.618 would align with the upper trend line of the channel and reveal $84,359. On the downside, the first floor represents $76,910, followed by $73,713. A break below this level would change the trend bias decisively.
Monero leads privacy coins with 12% weekly rise
One of the most valuable cryptocurrency market tokens is Monero (XMR).) It deserves special attention though as other names like Memecore (M) generate larger gains in a single day. XMR has risen by 12% over the past seven days, while the broader range Privacy coin sector 4.4% advance This outperformance came alongside a surge in volume that dwarfs the previous sessions on the daily chart.
The technical setup resembles a cup formation as the price reached a local high near $390. The large green candle on April 21 marked the right edge of the cup. The subsequent pullback appears to be forming a handle, which still needs to go deeper to confirm. A daily close above $394 will confirm the breakout. It would open a measured move towards $443.87 at the 1.618 Fibonacci extension. Additionally, the cup forecast puts XMR on a 23% potential path toward $480.57.
The bullish structure continues as long as XMR consolidates above $344.19, which is the 0.382 level. A break below this level would weaken the pattern, and a loss of $313.39 would completely invalidate it.
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