PANews reported on April 18th that, according to CoinDesk, Bitcoin prices have fallen back to approximately $76,000 due to the fluctuating situation in the Middle East. Previously, Iran's announcement of opening the Strait of Hormuz triggered a surge in risk assets and a massive short squeeze, but the subsequent closure of the strait caused a rapid reversal in market sentiment.

Data shows that this round of market activity triggered one of the largest liquidation events since 2026, with approximately 168,336 traders being liquidated for a total of $762 million. Short positions were liquidated for approximately $593 million, accounting for nearly three-quarters of the total. During the upward phase, crude oil prices fell by nearly 10%, pushing Bitcoin above the key resistance level of $76,000 to $78,000. However, as the Strait of Hormuz returned to military control, several oil tankers turned back, risk aversion increased, and prices subsequently fell.

Structurally, this surge was driven by a long-term negative funding rate, with short sellers continuously paying the costs of long positions, accumulating conditions for a squeeze. Despite a short-term pullback, Bitcoin still maintained a weekly gain of approximately 4.5%, while Ethereum and other mainstream assets performed relatively more steadily. Currently, market focus has shifted to the key support level of $76,000. If the weekly close is above this level, the breakout structure may be maintained; if it breaks below, the price may return to the trading range since March.