West Texas Intermediate crude has reached $115 per year walkGasoline prices in the US have risen almost 40% since late February, and Bitcoin is still trying to break through a wall it has failed to climb for six times now.
That’s the world Bitcoin is on Monday when it briefly reached $69,550 – a modest 3.30% gain that nonetheless sent shockwaves through the derivatives market.
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Short sellers are hit hardest
More than $276 million in leveraged positions were wiped out within 24 hours, affecting 80,200 traders on crypto derivatives platforms. The damage was not evenly distributed.
The bears bore the brunt of it. According to CoinGlass factsShort positions accounted for $188 million of the $210 million liquidated in just twelve hours around the price surge.
By comparison, long liquidations amounted to $24 million. Traders betting on a continued decline were left flat-footed as Bitcoin shot back toward the $70,000 mark it has repeatedly failed to hold since early February.
The asset remains well below its best levels. Bitcoin hit an all-time high of $126,000 on October 6, 2025. At current prices, it’s trading roughly 45% below that record — a context that puts Monday’s rally into sharper perspective.
There may still be pressure lurking
The positioning data tells an uneven story. Based on CoinGlass figures, there is over $6 billion worth of short positions close to $72,500. If Bitcoin reaches that level, these positions could be forced to close in quick succession.
On the other hand, about $2 billion of long positions sit around $65,000 – a smaller but real risk if momentum fades. This gap between short and long exposure is what has some traders watching closely for a potential long-term squeeze.
Bitcoin has made six runs at $70,000 since falling below $70,000 in early February. Every attempt has failed. Monday’s move is the latest test of that resistance, and comes against a backdrop that is anything but calm.
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Energy shock increases pressure on all fronts
An impasse over the Strait of Hormuz has consolidated its grip on global energy markets since late February. Iran has rejected conditions for a ceasefireCompensation for war-related damage must be pushed for before the strait reopens.
As a result, oil prices have soared. Gasoline costs in the US rose sharply, and broader inflation fears followed.
US President Donald Trump has called on Iran to reopen the waterway, citing concerns about global trade. Reports indicate he has also suggested a deal with Iran could be within reach, while warning of dire consequences if talks fail – including possible US control of Iranian oil resources.
Featured image from Unsplash, chart from TradingView