Short Squeeze, Easing US‑Iran Tensions Push Crypto Higher

Total cryptocurrency market capitalization increased by about $115 billion in the past 24 hours, rising roughly 4.8% as Bitcoin advanced nearly 6% and RaveDAO jumped more than 70%. The market cap moved above the 0.618 Fibonacci level to about $2.45 trillion.

Technical indicators show immediate resistance at the 100‑day simple moving average (SMA) around $2.54 trillion for the aggregate market. The 0.5 Fibonacci level sits near $2.6 trillion. The market has not posted a daily close above the 100‑day SMA since October 2025.

Bitcoin’s rally of roughly 6% triggered a short squeeze. Data from Coinglass show more than $236 million in short liquidations; market-wide liquidations during the run-up totaled about $541 million, with short sellers absorbing roughly $440 million in losses. An entity named Strategy disclosed a $1 billion purchase of Bitcoin during the rally.

Bitcoin is trading near the 100‑day SMA at about $75,164, a level it has not closed above since October 2025. The 0.5 Fibonacci level for BTC is near $76,662. Immediate support levels include the 0.618 Fibonacci at $72,359 and the 0.786 level near $66,645, which is close to the $67,000 price floor that has held through 2026.

RaveDAO led altcoin moves, climbing into the top 40 by market capitalization. The token traded near $13.93 after a one‑day gain above 70% and reached an intraday high close to $16.80. Technical extensions place a major upside target near $20 at the 3.618 Fibonacci level; a common support benchmark if prices reverse is the 2.618 level around $5.64. RAVE rose from about $0.25 to above $14 within a week.

Market participants attributed part of the buying to easing US‑Iran tensions, which reduced geopolitical risk premiums and encouraged speculative inflows. Nikita Bier, head of product at X, suggested the platform may introduce measures aimed at improving crypto performance this year. In an interview, Errol Musk described crypto as “the future of finance” and said his sons hold a combined 23,400 BTC, valued at about $1.6 billion.

Traders and analysts are watching whether Bitcoin and the total market cap can close above the 100‑day SMA on daily charts. Rapid gains in smaller tokens such as RaveDAO have produced limited historical support levels and large intraday moves.