Bitcoin Rebounds to $71,000 as Shorts Liquidations Hit $550M

Bitcoin climbs to about $71,000 as short liquidations surge and open interest declines, signaling cautious but improving market sentiment amid Middle East tensions.

Rich by Coin

2026-03-24

Bitcoin is trading around $71,000 after a 24-hour rally of about 4%, underscoring relative strength versus gold as geopolitical tensions in the Middle East persist and U.S. equity futures remain subdued. The move highlights Bitcoin’s leadership in a market that has shown resilience despite the regional conflict.

More than $550 million in liquidations hit mostly short positions, while open interest declined. This suggests the rally isn’t driven by new leveraged participation.

Derivative data point to cautious optimism: perpetual funding rates for major contracts remain elevated, ranging from 5% to 10%. BTC and ETH put options on Deribit continue to show a net bias toward protective positions across timeframes. Several altcoins, including HYPE, OP, and CRV, gained around 3%, as traders rotated into more speculative assets in anticipation of a broader market breakout.