Bitcoin price holds near $75K on Thursday, trading at $74,354 at press time. That’s a 1.7% gain in 24 hours and 5.5% over the past week. The bellwether has pierced the psychological resistance several times this week but hasn’t closed above it – yet.
What’s driving the resilience? Institutional money is flooding back. Data from SoSoValue shows that spot Bitcoin ETFs pulled in a whopping $597.50 million over the past two days. The catalyst? Renewed hope for a US‑Iran peace deal.
Why Bitcoin Price Holds Near $75K: Peace Talks & Oil Drops
Reports indicate that Pakistan has offered to host a second round of peace talks in Islamabad. Iran appears more willing to negotiate after the US established a naval blockade in the Strait of Hormuz. However, Iran warned that if the blockade continues, it will block trade in the Red Sea and the Gulf of Oman.
Still, markets are optimistic. Crude oil prices have fallen back below $100 – WTI at $92.44, Brent at $96.39. That’s a huge relief for risk assets.
The positive sentiment has squeezed short sellers. Over $149.85 million in shorts were liquidated in the past 24 hours, adding fuel to the fire. Bitcoin also continues to track tech stocks higher, with Japan’s Nikkei up 2.4% and Hong Kong’s Hang Seng up 1.8%.
Technicals Point Higher – But Watch $72K
On the 4‑hour chart, Bitcoin is forming an ascending parallel channel – higher highs and higher lows. The SuperTrend is flashing green, and MACD lines have crossed into positive territory. So, bulls remain in control.
However, a drop below $72,000 (a previous pivot point) would invalidate the bullish thesis and could trigger a deeper correction.
My Thoughts
This is what a “risk‑on” recovery looks like. The market was oversold, sentiment was extreme fear, and now peace talks are providing the spark. The $597M ETF inflow in just two days is massive – institutions are voting with their wallets. Oil below $100 takes inflation pressure off the Fed. If a deal materializes, Bitcoin could finally break $75K and run toward $80K. But don’t get complacent. The $72K level is the line in the sand. A breakdown there would signal that this rally was just a short squeeze. Watch the news from Islamabad closely.
