Bitcoin advanced to approximately $72,700 as a sudden easing of trade tensions reversed the cryptocurrency market’s recent downward momentum. Ether posted a 6% gain, reaching $2,250 during the same period. The broad rally swept across both major digital assets and smaller altcoins.
Despite the upward move, analysts caution that Bitcoin has not yet broken free from the multi-month trading range that has constrained its price. A decisive push above $75,000 is seen as the key threshold needed to confirm a more sustained breakout. Until that level is cleared, the current advance may remain within established boundaries.
The sharp reversal caught many traders positioned for further declines off guard, resulting in significant forced liquidations across futures markets. More than $600 million in futures bets were wiped out within a 24-hour window. Bearish short positions accounted for the majority of those losses, totaling $420 million of the overall figure.
Zcash was among the standout performers in the altcoin segment, surging 23% to lead a broader rally in smaller tokens. Monad and LayerZero also featured prominently in the altcoin advance alongside the privacy-focused coin. The gains reflected renewed appetite for risk across a wide range of digital assets.
Tokens linked to artificial intelligence projects also attracted buying interest during the rally. NEAR and RENDER both approached double-digit percentage gains as investors rotated into the sector. The moves suggest the positive sentiment extended well beyond Bitcoin and Ether into more speculative corners of the market.
Originally reported by CoinDesk.
