Bitcoin Price Holds Steady Above $74K Amid Ongoing Middle East Crisis

The recent surge in Bitcoin's price has been driven by the ongoing crisis in the Middle East. The US has enforced a blockade on the Strait of Hormuz during peace talks with Iran, which has led to a short squeeze and recovery in the cryptocurrency market.

According to CoinGlass data, the last 24 hours saw $531 million in liquidations, with $426 million attributed to short liquidations. This massive short squeeze indicates a major bearish wipeout.

The BTC/USD 4-hour chart remains neutral-to-bullish trend, holding above its 50-day Exponential Moving Average (EMA) at $71,019. However, it is still capped below the 100-day EMA at $75,309.