Bitcoin briefly jumped above $75,000 to a six-week high before rapidly reversing, underscoring the shaky foundation of the latest rally.
The asset climbed to roughly $75,912 early Tuesday—its highest level since early February—but failed to sustain momentum, slipping back below $75,000 during Asian hours. The move higher was largely driven by derivatives flows rather than strong spot market demand.
According to 10x Research, the rally was triggered by the unwinding of bearish positions tied to $60,000 put options. As those hedges were closed, market makers who had taken the opposite side needed to rebalance—typically by buying bitcoin—creating temporary upward pressure on prices.
The gains, however, proved short-lived. The absence of significant call option buying suggests the rally lacked fresh bullish conviction and was primarily driven by short covering and hedge removal.
Weakness extended across the broader crypto market. Ethereum, XRP, Solana, BNB and Dogecoin all pulled back from their session highs, while the CoinDesk 20 Index retreated to around 2,162 after earlier touching 2,202.
Bitcoin also failed to hold above $74,400, a level that has transitioned from prior support into resistance. This zone previously helped stabilize prices in April 2025 before contributing to a rally toward record highs later in the year.
The rejection at this level suggests it may continue to cap upside in the near term, with traders closely watching it as a key technical barrier. More broadly, the price action highlights how historical levels remain influential, with market participants hesitant to chase gains without a clear catalyst.
