Bitcoin (BTC) is retesting the key level of $75,000 U.S. as hopes rise for a lasting peace deal between the U.S. and Iran.
The largest cryptocurrency has risen to $75,000 U.S. several times since February, but failed to maintain that level, exerting downward pressure on the broader crypto market as a result.
However, Bitcoin is again rallying as hopes rise for a permanent peace deal that will end the war in Iran.
Cryptocurrencies have been marching higher alongside stocks since the U.S. and Iran announced a two-week ceasefire and returned to the negotiating table.
At the same time, traders have been building short positions around $75,000 U.S., betting on another failure to hold that level and decline for Bitcoin.
Data from CoinGlass shows $200 million U.S. in short positions would be liquidated if BTC pushes above $75,500 U.S., a situation that could accelerate the upside move.
Precious metals are also staging a comeback on April 14, with the price of silver up 3% and gold rising 0.64% in early trading.
Ethereum (ETH), the second largest cryptocurrency, is up 6% on the day and trading close to $2,400 U.S. per ounce.
