Bitcoin Price Climbs Toward $75,000 as US-Iran Strait of Hormuz Tensions Trigger Short Squeeze

Bitcoin pushed toward the $75,000 level on Monday, April 13, 2026, after traders covered short positions following President Trump’s order to blockade the Strait of Hormuz. The move lifted the price from a morning low of $70,741 to intraday highs above $74,900.

Short liquidations drive push toward $75,000

The rally unfolded quickly after the blockade announcement. Within hours, millions in short positions were liquidated as buyers stepped in near support around $70,000, accelerating the climb.

Funding rates had turned negative in the days prior, a sign that short positioning had become crowded heading into the weekend. The blockade order followed the collapse of U.S.-Iran ceasefire talks over the weekend.

Geopolitical shock shifts focus to crypto hedges

The Strait of Hormuz is a critical passage for global oil shipments. The news initially pressured risk assets, but traders later rotated toward bitcoin and other hedges.

Bitcoin’s price action tested the upper boundary of its two-month consolidation range, which has held roughly between $65,000 and $75,000 since February. The range followed bitcoin’s all-time high above $126,000 in October 2025.

Key levels and near-term targets

The $75,000 area carries technical significance because heavy short interest has been concentrated near $73,000 to $75,000. A sustained move above that zone could act as a catalyst for additional squeezes.

Several trading desks have cited $75,000 as a resistance level that, if cleared on strong volume, could open a path toward $80,000. Prediction markets have tracked a similar view.

Analysts also framed broader near-term targets between $75,000 and $80,000, while noting risks tied to upcoming selling and macro concerns.

April seasonality, tax selling and macro risks

April has historically been a positive month for bitcoin. Since 2013, bitcoin has closed April higher roughly 69% of the time. However, the 2026 pattern has been mixed, weighed by persistent macro headwinds and the aftereffects of last year’s decline.

So far in Q2 2026, bitcoin is up by 8.64%. Still, traders are watching for potential downside pressure ahead of the April 15 tax deadline, which could reduce spot demand in the short term.

Failure to hold above the $72,000 to $73,000 area could pull prices back toward $68,000. A broader equity selloff triggered by geopolitical shock remains another risk factor traders are monitoring.

Institutional accumulation supports longer-term narrative

Strategy, the largest corporate bitcoin holder, continued adding BTC to its treasury this year. The company loaded up on 13,927 bitcoin this week and now holds 780,897 BTC.

Institutional accumulation, alongside ETF inflows and legislative discussions around the CLARITY Act for clearer crypto rules, is part of the structural case cited by longer-term holders.

Price snapshot and what traders are watching next

Bitcoin staged a recovery on Monday, April 13, rising to an intraday high of $72,629 shortly after reclaiming levels near the session’s high.

At around 7:30 p.m. ET, bitcoin was roughly 40% below its 2025 peak of $74,766 per unit. Analyst targets for year-end 2026 range from a conservative base near $75,000 to more optimistic projections above $100,000 if inflation cools and the macro backdrop improves.

Traders are focused on the $70,000 support level overnight and the $75,000 resistance band as the most immediate signposts for the next direction.